Seniors – Buy Twice the Home $$
What if there was a way for you to buy the home you want in Tucson and not have a mortgage payment? Easy you say, I’ll just pay cash. What if the home you want is $200,000 and you have only $100,000 in cash? Then what? Settle for less of a home?
I have a solution! A way for you to buy that $200,000 home, put down $100,000 and have no mortgage payments. Just pay taxes, HOA ( if applicable) and general upkeep on the home. Wouldn’t that help your bottom line on your fixed income? Keep more money in savings!
Let me find the home you really want and show you how to pay for just half of it, thru a government backed program for people 62 and older.
Double Your Retirement Savings, It's Easy !
What is a Home Equity Conversion Mortgage (HECM)? A HECM loan is a government insured reverse mortgage. Reverse Mortgages allow a senior to access a portion of the equity available in their home and use the proceeds however they choose. The senior retains the home’s title and no monthly mortgage payments are required as long as they continue to live in the home. Can a reverse mortgage be used to purchase a home? Yes! You can use the proceeds to purchase a new primary residence upon the sale of the existing home. The senior must be able to make a down payment from an acceptable source of funds. The down payment is determined by the home value minus the amount of proceeds received from the reverse mortgage. The reverse mortgage does not require monthly payments and there is limited credit qualification.