As seniors turn 62 years of age and beyond, they look towards purchasing their next home – and, the financial options available can often seem daunting. However, a Reverse Mortgage for Purchase (“H4P”) offers a unique and effective solution. This financial tool can assist in purchasing a new home with significantly less out-of-pocket cash than traditional methods. Here’s how it works and why it might be the perfect fit for your next move:
- Less Out-of-Pocket Costs: A H4P enables you to use less of your money when compared to a regular cash offer. This leaves you with more cash on hand for additional expenses or investment opportunities.
- No Monthly Mortgage Payments: With a Reverse Mortgage, purchase or refinance, you do longer have to make monthly mortgage payments. This feature frees up cash for other needs while providing peace of mind.
- FHA Guidelines: The appraisal process follows FHA guidelines, giving you the security that your new property meets strict health and safety standards.
- Premium Upgrades: Builders appreciate the H4P because it allows senior buyers to afford more premium upgrades without having to come out of pocket dollar-for-dollar to pay for those important and needed upgrades.
A Reverse Mortgage for Purchase helps you achieve the same goal as buying with cash, it is also much more efficient than simply spending your hard-earned nest egg! A Reverse Mortgage for Purchase is a strategic way to manage your finances, while securing and owning the home you desire.
If you have any questions or need further information, please, contact Michael Pankow, NMLS 220611, at 916.296.7765.
Let’s explore how a Reverse Mortgage for Purchase can make your next home a reality.
