Senior adults: use a Reverse Mortgage to BUY A NEW HOME with NO PAYMENTS!
The reverse mortgage enables seniors 62 and older to finance the purchase of a home with no repayment for as long as they live in their home. For example:
A senior homeowner with a $175,000 home is finding it increasingly difficult to move around their home (staircase, etc.), maintain their large home or no longer feels safe in their neighborhood. They decide to sell their home and buy a new smaller home closer to family and in a safer neighborhood. The new home is priced at $300,000 and they are able to receive $150,000 from the reverse mortgage. With $150,000 from the sale of their old home and the $150,000 from the reverse mortgage they buy their new home, and they have no payments.
In this example, the senior homeowner was not only able to conserve their personal funds and not tap investments or savings to buy their new home, they were able to put money into savings.
Credit and income are not used to qualify for the reverse mortgage and the interest rate is very low (under 5%). Seniors have no out-of-pocket cost with the reverse mortgage: all closing costs are financed.
In addition to selling an old home and buying a new home, senior adults have been using the reverse mortgage to:
- Buy a second home or vacation cottage
- Be a first time home buyer (requires a large cash reserve, i.e., recent inheritance, divorce settlement, accumulated pension or investment funds).
- Provide Gift to adult children or grandchildren for their down payment to purchase a home.
- Buy a rental property for a high positive cash flow.
Call Toll Free at 888-775-4200 ext 271 Today! for a Maine Reverse Mortgage.