Reverse Mortgage Purchase Power Unites Family
Lenore and Sophie always seemed a bit sad. Saying good-bye at the end of Lenore’s visits usually cast a pall over their time together. Fortunately, Lenore learned about the benefits of using a Reverse Mortgage to purchase her new home.
Lenore was flattered when her daughter and son-in-law first broached the idea she should move nearby. However, she was also concerned about her finances.
Seniors, many just like Lenore, represent 25% of residential real estate market in our country. And, according to a recent study by the National Association Realtors, the number one reason most move is “to be nearer loved ones” (2018 NAR Home Buyer and Generational Trends).
The Answer is Equity: No More Monthly Mortgage Payments*
Lenore’s daughter urged her to consider accessing the equity in her house to purchase her next home using a Reverse Mortgage. Many seniors are unaware of how to access their hard earned valuable equity. Equity that is just sitting.
Financial advisors note: seniors have now accumulated as much as $6-8 trillion in home equity (Reasons why Baby Boomers are a Market to Watch, Dave Lowman). That’s good news for people 62+ who understand the best uses for their equity.
H4P and Thee: Using A Reverse Mortgage to Purchase a Home
Officially known as a Home Equity Conversion Mortgage (HECM), this federally secured loan has been in place since the 1980s. It is gaining in popularity amongst qualifying seniors for good reason. It makes sense to put the resource to use.
Smart homeowners age 62+ know a HECM (aka Reverse Mortgage) for Purchase (H4P) means greater buying power, in addition to benefits such as:
- Zero Monthly Mortgage Payment Joy *
- Ability to pay-off credit cards and other expenses
- Funds for medical and dental care
- Possible tax-free growing credit line
- Funds to help loved ones, and so much more…
Lenore’s H4P means she’ll never have to make another monthly mortgage payment *. She’s been able to help establish a college fund for Sophie. And, Lenore knows she can access funds down the road when she needs cash.
Free Expert Consultation: Find out more about the benefits of H4P for yourself or a loved one. Call us today (877) 217-0166.
* No more monthly mortgage payments. Borrowers must maintain the property and remain current on property taxes, homeowner’s insurance and applicable HOA dues. Scenarios described represent case studies, relate opportunities and protect client identity; therefore specific likenesses and names are fictional.