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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

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