A Division of American Pacific Mortgage Corporation. NMLS 1850
Senior Golfer Reverse Mortgage San Diego
24 April 2013
24 April 2013,
 1

Cash Is King- Purchase your next home with a Reverse Mortgage and keep your cash.

Many people are aware they can use a reverse mortgage to refinance their EXISTING home. However, many homeowners are not aware that they can purchase a NEW home utilizing a reverse mortgage.

This allows homeowners to downsize, upsize, move closer to family members, or maybe just find a home without stairs. Here is an example of a client who was able to downsize and still keep a great deal of cash reserves.

John sold his home and the proceeds were $412K. He found a smaller home in a climate more condusive to his health. The price was $400K. He was not comfortable obtaining a mortgage and starting all over again with monthly payments.

Therefore, he had 2 choices.

Choice 1: Pay Cash For The Property
$400,000 Purchase price
No Mortgage
$12,000 left over
Zero mortgage payment
Choice 2: Reverse Mortgage
$400,000 Purchase Price
$132,000 Down Payment
$268000 Reverse Mortgage
$280,000 Cash leftover
Zero mortgage payment

In this example the borrower was able to:

1) Downsize and purchase a new home!

2) Eliminate house payments for good!

3) Have cash reserves leftover!

He has achieved his goal of never paying a monthly mortgage again and still has a significant amount of cash reserves that might be used in a variety of ways. This could be you golfing in Southern California and never making monthly mortgage payments.

Contact me and I’ll help you figure out if a Reverse Mortgage will work for you to purchase your NEW California home.

SUSAN DRAWDY, Your Reverse Mortgage Expert
All California Mortgage
A division of American Pacific Mortgage Corp.Equal Housing Lender
Ca. lic no. 01056199
NMLs #295359
Company NMLS# 1850
licensed by the Dept. of Business under the CRMLA
Corp BRE# 01056199/01215943

One response on “Purchase Your Next Home With A Reverse Mortgage

  1. Todd says:

    Great idea! If I were 62 and lived somewhere cold or rainy I would be moving somewhere with lots of golf courses like San Diego. Right On!

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