Did you know if you’re 62 years old, you can buy a house and have no monthly mortgage payments? It’s called a Purchase Reverse Mortgage and today, Kathy Burns from On Q Financial will be telling us more about it. Here’s what she had to say:
“With a reverse mortgage purchase program, clients are typically required to bring in 50% to 60% cash down payment. And the unique thing about it is it comes with a flexible payment option, meaning they can make a full payment, a partial payment, or no payment—which can really beef up their monthly cash flow while still enjoying homeownership.
And if they’re looking to buy their dream retirement home, we also have a bunch of new jumbo products that recently came on the market with low closing costs as well.”
We’ve had clients downsize and sell their property, and using a reverse mortgage, buy a new home with no monthly payments and a lot less stress involved. With a refinanace reverse mortgage, clients can get access to cash flow. There are many options to choose from when taking advantage of these programs.
If you’re looking to buy or sell a home, have any questions, or would like further information, feel free to contact us. We look forward to hearing from you.
*The borrower(s) must live in the home as their primary residence, continue to pay required property taxes, homeowners insurance and maintain the home according to FHA requirements. The balance of the reverse mortgage loan grows over time and interest will be charged on the outstanding loan balance. Loan payoff is due in one lump sum upon maturity event.