Home Buyers using Reverse Mortgages

Dated: 04/15/2013

Views: 1478

I'm sure you have seen the ads on tv talking about refinancing your home with a reverse mortgage.  The good news is that it can apply to new purchases as well.  So for those of us looking to downsize, who are 62 and older, this is a great way to "get your cake and eat it too!" 

What is the difference between a Reverse Mortgage and a Reverse Mortgage for purchase?

A Reverse Mortgage is a special loan for homeowners 62 and older that allows them to convert a part of their home equity into cash.  A Reverse Mortgage for Purchase lets those same homeowners use the equity from the sale of one home and the proceeds from a Reverse Mortgage loan to buy their next home, all in one transaction.

How do you repay a Reverse Mortgage loan?  While you maintain the new home as your primary residence, no payments are due.  It is important to remember:  Taxes, insurance and HOA dues must be kept up to date to keep in compliance with the loan.

Contact me today for more information.

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Janis St. Onge

I am a certified Short Sale and Foreclosure Resource (SFR) who works with first time home-buyers, empty-nesters and investors. Call me today and let me be your eyes and ears in the Charleston tri-cou....

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