PURCHASE YOUR HOME FOR MUCH LESS CASH AND MAKE NO MORTGAGE PAYMENTS!
Conventional wisdom says don’t carry a mortgage payments in retirement. Wise. Yet that means buying your retirement home with cash, after which a good portion of your retirement wealth is trapped in the home. Here’s a smart alternative -The NEW Home Equity Conversion Mortgage for Purchase, the FHA-backed reverse mortgage, helps homebuyers 62+ purchase a new or existing home with much less money down, finance the rest and still have no mortgage payment for as long as they live in the house.
Buy a retirement home without using all the proceeds from the sale of your former residence. Choose a roomier, better equipped home. Maybe that means a pool, or an extra bedroom for the grandkids!
“Instead of buying our retirement home for cash, we used a HECM to finance about half. That let us buy a nicer home, and we’ll have enough to really enjoy retirement!’’ – Stewart and Robin, Prescott, AZ
“I have introduced my senior buyer to the HECM and many of them art excited they can buy the home the; want, avoid mortgage payments and keep enough in the bank to retire on!” – Teresa K. Realtor®, Venice, FL
Example: Purchase a Residence
A couple, both 70 Sold existing home for $425,000 Purchasing a home for $300,000
– Don’t want a mortgage payment –
Reverse Mortgage Advisors
The Reverse Mortgage Advisors is a specialized unit within a national lender with the experience and knowledge necessary to serve financial professionals whose clients want to release equity for a variety of purposes, including buying a home. Its growing network of professionals trust RMA with their clients because they know they’ll treat the client as they do.
The numbers shown below reflect the amount you may receive from a reverse mortgage. Subtract this amount from the purchase price of the house to find out how much you have to supply to complete the transaction.