GET FINANCING YOU NEED TO BUY YOUR DREAM HOME
Normally, a reverse mortgage converts your home equity into cash that you can use to pay off a mortgage without burdening yourself with monthly payments or risking foreclosure. However, in 2008, the US Federal Housing Administration introduced new legislation HECM (Home Equity Conversion Mortgage) allowing seniors to use a reverse mortgage to buy a new home. HECM for purchases allows seniors to use their loan proceeds from the reverse mortgage to purchase their dream home.
Secure Your Future
Did you know that senior housing wealth reaches record $7.14 Trillon? 1
Learn how you can use a reverse mortgage for a better retirement.
HOW IT WORKS
Nelson is 70 years old. Many friends in his circle moved to a new, low-maintenance lifestyle community. Nelson was excited to join his friends in this community. At the same time, he didn’t want to pay a burdensome monthly mortgage payment or spend $450,000 in cash to purchase the home.
He was compelled to choose a less expensive home.
Thankfully, a friend told him about Reverse Mortgage for Purchase loans. Nelson realized that with this reverse mortgage, he only had to invest about 57% of the buying price. This allowed him to choose a more comfortable lifestyle. He could also keep more of the money from the sale of his old home while having the option of making no monthly principal and interest payments if he so chooses.
- Nelson moved into his dream home right away.
- He can enjoy the level of comfort he always wanted.
- He saved significantly more money from the sale of his previous home.
You're In Good Hands With Brett!
Want to learn more about how Brett Stumm could improve your retirement?
¹ Senior Housing Wealth Reaches Record $7.14 Trillion. NRMLA. Historical RMMI.