A Reverse Mortgage is an Option to Consider
Do you know you can buy a new home with no monthly payments with a Reverse Mortgage?
I’m a Realtor, not a lender. This information comes from a seminar I attended hosted by Reverse Mortgage expert, Tim Granville. Get cash and monthly income from your present home’s equity. Purchase a property with a reverse mortgage and have no payments. This is a viable option for owners who have substantial equity in their primary residence.
BASIC REQUIREMENTS FOR REVERSE MORTGAGE
1. Borrower(s) must be 62 or older
2. Borrower(s) must be on title
3. Property must be Borrowers Primary residence
4. Property can be single family, condo, townhouse, up to 4-unit residential if Borrower occupies one unit as a primary residence
Other Items of Importance • Borrowers remain in ownership of the property. • Loan amount is a factor of age of the youngest borrower and the appraised value of the property. • Borrower must continue to pay taxes, hazard insurance, homeowner dues, and mortgage insurance – but no principal and interest payment on loan
• Loan plus accrued interest is due upon sale of the property or if property is no longer the primary residence (such as a move to assisted living), or death of the Borrower.
• Property can be sold at any time.
• A new home can be purchased using a reverse mortgage for financing and no monthly mortgage payments. A second home could be purchased by using reverse mortgage funds from a reverse on your primary home and using the cash received as part or full payment on the second home.
If you think a reverse mortgage may have merit for you and would like to know more, call me. I’ll put you it touch with a lender who makes reverse mortgages.
If a purchase of a different residence is what you want, I offer my expertise as your REALTOR® in selling your current property and finding your next one.
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Metro Denver Real Estate 