Sometimes we learn about a subject matter that changes our perspective or idea of how a product works.
Take an experienced real estate agent for instance.
Most have heard about Reverse Mortgages but not the full reverse mortgage product line.
The same holds true for financial advisors & certain money strategies.
The “Ah ha” moment
Our team recently taught a continuing education class about reverse mortgages, namely a HECM for Purchase, to a group of local NOLA-based real estate agents.
One of the agents in the room (let’s call her Betty) had been an agent for 30+ years. Yet, after the session was over, she approached us and asked if we could talk about how a reverse mortgage can help her purchase a new home.
You see, Betty knew a little bit about reverse mortgages and, like most others, she thought they were only an option if you already owned your home. She had NO IDEA you could use a reverse mortgage to purchase a home.
Betty was selling her home in Slidell to move to Metairie, where she would be closer to her daughter & grandchildren on a daily basis.
The new home was more expensive and she didn’t want to use the entire proceeds from the sale of her departing home to buy this new home. On top of that, She didn’t want a big mortgage note and she didn’t want to tap into her retirement funds and deal with the penalties & fees that would carry.
Using a Reverse Mortgage To Buy a Home
Fate put Betty in the room with us that day!
Once she sold her home in Slidell, we arranged a HECM for Purchase (reverse mortgage) to help her buy her new home.
She was able to keep a good bit of the proceeds from her sale as emergency funds.
She avoided any penalties & fees she was facing for tapping into retirement funds.
And, she is living in her new home with NO MORTGAGE PAYMENT thanks to the reverse mortgage.
It’s a win-win situation.
Betty got the financial help she needed to move into the next phase of her life and enjoy living nearer to her family which was the ultimate goal.
Knowing the Facts can Help you, Help Your Clients
As Certified Reverse Mortgage Professionals, we want to make sure you and your clients have all the information you need in order to make well-informed decisions when it comes to your home financing options.
Let’s start 2020 off on the right foot with “right sizing” your home and if we haven’t spoken in awhile, let’s catch up with a cup of coffee!