There have been numerous improvements Since the debut of the Reverse Mortgage loan program in the late 80’s.
For instance, a Reverse Mortgage can be used to PURCHASE a home. Those over age 62 looking for a new home will be pleased to learn that a Reverse Mortgage can be obtained for up to 50% of the price. The maximum loan limit is $625,000.
But WAIT- there’s MORE! A Reverse Mortgage can also be used to purchase a VACATION HOME! That’s right! The beach condo you’ve been wanting can now be YOURS if you are shy of having enough cash for the entire purchase. And there are NO repayments due until 12 months after the last owner has vacated the property!
I work with local Reverse Mortgage Specialist Jim Trickey. Being an active senior himself, Jim understands the various concerns that buyers and their families may have about these loans. He’s been helping seniors relieve financial stress for several years and has become extremely knowledgeable about the mortgage options available to baby boomers.
If you are over 62 and would like to purchase a primary home or vacation home, but need a little bit of mortgage money to make it happen, please contact me directly and I will be more than happy to refer you to Jim.
To see what local real estate is available, please visit my website:
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