Can you use a reverse mortgage to BUY a house?
by: Alison Calamia
Someone has owned their home for years and built up equity, and a reverse mortgage allows them to access that equity while still keeping their home.
BUT…
Not many people know that you CAN use a reverse mortgage to BUY a house!
It happens more often than you think. And it’s easier than you could possibly imagine.
The big thing to keep in mind is that a reverse mortgage can be used to cover a significant portion of the down payment required for a new home. For your buyers, that means less cash out of pocket may be required to purchase a home and they may be able to retain some cash for retirement or reserves.
Contact Me to Find Out More
If you’re serving clients over 62 years old, you may be missing out if you don’t know about how to use a reverse mortgage to help clients buy a home.
Remember, as people downsize, this is a great option to keep their cash liquid!
Please contact me to schedule a time to talk and I’ll give you more information about how these transactions work.
I want to help you use reverse mortgages to expand your business by helping others!