Seniors Use A Reverse Mortgage to Purchase a Tampa Bay Home
AND NEVER HAVE A MORTGAGE PAYMENT!
If you are 62 years of age or better and if you have a spouse, and they are also over 62, then there is a wonderful option to purchasing your home with 40% down or less and NEVER paying a mortgage payment. This is a FHA mortgage product – A HECM Reverse Mortgage for Purchase that can allow you to purchase a home, not using a lot of your funds by paying all cash and you still will not make a payment. The real estate taxes, insurance and if you have homeowner’s association payments will of course need to be paid.
So give us a call and we can discuss the opportunities that this gives our Senior buyers. Reverse mortgages have changed in the past three years, the fees are way lower for one thing. It has to do with how old you are and money down. We think this could be one of the better options for our Senior market. Instead of paying cash, just use a portion of your funds and keep the rest in your pocket. Or if you took a beating on the your home when you sold and are looking to rebuy down here in Florida, then you basically can buy double the house for what you were going to pay cash! Never have a payment. You still own the home.
Call or email us today for additional information. We can put you in touch with a lender that will go over the details. It might be right for you or it might not. However it is something that you should explore. Check out these featured ACTIVE ADULT COMMUNITIES.
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