Video Guide: How Reverse Mortgages Can Boost Purchasing Power
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Are you a senior homeowner living in a home that no longer meets your needs? There is a reverse mortgage strategy that can increase your purchasing power by 35 to 45% so you can purchase a home that better fits your lifestyle.
Here’s how it works. Take out a HECM for Purchase reverse mortgage. You then overfund the required down payment for your new home and create a line of credit that can grow by compound interest each year … tax free. That line of credit can then be turned into cash flow, also tax free, and the money can be used any way you wish.
Using your present home’s equity, you can now more easily afford a move to a neighborhood closer to family and with the amenities to age in place more comfortably. You are required to reside in the new home as your primary residence, maintain it and stay current on your taxes, homeowners’ insurance, or association fees. And, because the term of the loan is 150 years for the youngest borrower, you can enjoy home security for years to come.
For more about how a reverse mortgage can help you afford a new home, call us today.