Did you know that you can also use a reverse mortgage to purchase a home? It’s not just for those who are at least 62 years old and currently own a home. So why would someone want to use a reverse mortgage to buy a home?
Well there could be any number of reasons. One of the main reasons is some people in retirement or the Golden Years just aren’t so certain about the way things have been going economically these days. They could afford to buy a home with cash – Either to downsize because they don’t need as much room or they are moving here to Florida from up north. But paying for it in cash may not leave them with any security or a safety net. Depending on their age and the purchase price of the home, with a reverse mortgage they could buy a home with just a percentage down. This way they can hold some of the cash back and use for emergencies, cost of living, etc. They still would have no monthly mortgage payment. Just as if they would have purchased completely with cash. This can be an attractive option to a lot more people in the coming decade. This will be especially true with Baby Boomers.
For more information to see if a reverse mortgage would be right for you or your loved ones when buying a home, contact me today and we can discuss.
Green House Mortgage is a full service home loan origination company in Tampa, FL and servicing the state throughout. If you have any questions or concerns with the article or simply need mortgage advice please call 813-732-3155 or email us at firstname.lastname@example.org. We are dedicated to giving you the best mortgage consultation available. Green House Mortgage – It Pays to Go Green!