Buy the home you really want with a reverse mortgage for home purchase!
Considering buying a house with an all cash offer or large down payment? Opting for a reverse mortgage can be a wise choice. You won’t have to make monthly mortgage payments offering you financial flexibility. Preserve some important cash to do what you want with!
* Free up additional cash
* Increase your purchasing power
* Relocate to your dream home -without settling
Using the Reverse for Purchase program
Downsizing without a Reverse for Purchase loan
Sales Price (current home) $800,000
Cost to sell (realtors, closing costs) – $45,000
Net proceeds for new home purchase $755,000
New home price $675,000
Funds from net proceeds – $675,000
Funds remaining after closing $80,000
Using a Reverse for Purchase loan
Sales Price (current home) $800,000
Cost to sell (realtors, closing costs) – $45,000
Net proceeds $755,000
New home price $675,000
Reverse for Purchase loan – $250,000
Funds from net proceeds -425,000
Funds remaining after closing !! $330,000