If you are over 62 and looking to purchase, but don’t want to worry about having a home mortgage – consider a Reverse Mortgage for your purchase. A reverse mortgage for a purchase is an FHA loan and allows a buyer to put in cash from a previous sale or other sources and have a reverse mortgage for the rest. A buyer could actually sell a $200,000 home, use part of the money to purchase a more expensive home, take some cash out, and never have a mortgage payment. This type of mortgage can be a useful part of a maturing adult’s financial plan. Sound interesting? Email firstname.lastname@example.org and let me put you in touch with a professional reverse mortgage consultant.
Buying a home using a Reverse Mortgage
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Gary Duda is the Broker and Owner of REMAX Action Real Estate and founder of the Gary Duda Real Estate Skills Workshop. Thousands of Virginia Realtors have benefit from Gary's teaching on topics from real estate technology, working with buyers, working with sellers, to classes to obtain their continuing education credits.
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