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Reverse Mortgage Purchase

Reverse Mortgage Purchase

Ever think about buying a home with a reverse mortgage?  Reverse mortgage purchase has been around for awhile but it is still underutilized.  It’s an option that might serve senior retiree’s well.  A reverse for purchase allows the homeowner buy a home and not have a mortgage payment  (property taxes and insurance must be paid by homeowner).  New consumer guidelines have addressed key areas that have previously restrained the use of this mortgage product. Many retirees and aging baby boomers might want to now consider a reverse mortgage in their retirement strategy.  

Using a reverse mortgage for purchase may allow you to preserve savings.  Keep other assets invested. Increase monthly living expenses. If you haven’t started drawing on you social security it could allow you to postpone that in anticipation of a higher monthly benefit. ReverseLender4you has a nice page that shows details and benefits in a reverse mortgage for purchase.

Financial Assessment For Reverse Mortgage Purchase

One of the new guidelines that has been implemented this year on reverse mortgages is “Financial Assessment” of the consumer.  There is qualifying to this loan but not as cumbersome as a traditional home loan. Source of funds for the down payment must be accounted for. No gifts are allowed. No concessions from the seller of the new property. There are other guidelines and the documentation can be lengthy. With a good reverse mortgage specialist there can be an expectation of a smooth transaction.

Is Reverse Mortgage For Purchase a good option?

It is not the right option for everyone but it is good option for some. Clearly there have been improvements in the safeguards that effect surviving spouse, counseling requirements and lower closing costs to name a few. Best option when considering a Reverse Mortgage for Purchase?  Seek competent consultation and get the facts.  Talk to your financial advisor. If there are heirs to your estate allow them to understand your interest.

If I can help then give me a call

rgbrn

 

 

Rod Graves
Reverse Mortgage Specialist
619-587-9765
NMLS# 324581
CalBre# 0870696
www.ReverseLender4you.com

El Cajon is Small Business America

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Small Business America in El Cajon

Something to admire and something to inspire.  Small Business America is the backbone of our community and the core of our country’s promise. I think we should all applaud and support the entrepreneur who “puts it on the line”. This site (elcajon4sale) is dedicated to the community pillars who take the risk and should, by all accounts, reap the reward. I would like to do my part in acknowledging this citizen by sharing their story along with their motivation and inspiration.

Small Business America. An oxymoron. There is nothing “small” about local business in El Cajon. Small Business in El Cajon supports the city. It supports the county. It supports the state and it supports our country. We need to look at more than just the business. We need to look at the person, or persons, behind the business.

The Entrepreneur

The risk taker. The dreamer. The goal seeker. The achiever. The promise keepers.  Without these special citizens our country would not aspire to the heights we have come to enjoy. In the coming weeks and months I hope to spot-lite local business owners in our community that embrace the spirit of Small Business America.

Hopefully we can hear their story and share in their success and contribution to the community.

Later,
– Rod

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Rod Graves

619-587-9765
Reverse Mortgage Specialist
Senior Real Estate Specialist
NMLS# 324581
CalBre# 0870696
rod@Elcajon4sale.com

Equity Management

Seniors have special needs when reviewing their real estate portfolio.  Decisions that range from sizing down (aging in place ) to staying put will have a financial impact that needs to be considered.

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