Purchase a Second Home By Utilizing a Reverse Mortgage
My borrowers are 65 and retired. They have a huge family home in a rural area. At the height of the market it was worth $1,650,000, now it is worth $650,000 and they own it outright.
The borrowers wanted to move closer to their daughter who recently had a baby and out of the country, closer to medical facilities, etc. They really didn’t want to sell their house now as while the housing market in their area appears to be recovering.
They wanted to buy a second home but did not want to have monthly mortgage payments. They decided to do Reverse Mortgage on their current residence and take the proceeds to purchase a 2nd home near their daughter for all cash. This allowed them to wait for the market to improve and not be forced to sell while it was depressed.
They also achieved their goal of no monthly mortgage payments on either home. Everyone wins. Very happy, indeed!
Is a Reverse Mortgage right for you?
Contact me to discuss the benefits of a Reverse Mortgage today!
SUSAN DRAWDY, Your Reverse Mortgage Expert
All California Mortgage
A division of American Pacific Mortgage Corp.
Ca. lic no. 01056199
Company NMLS# 1850
licensed by the Dept. of Business under the CRMLA
Corp BRE# 01056199/01215943