How do you plan on spending your golden years…?

Are you (or a family member) over 62 and planning on moving, or wondering what options are available?

· Imagine being able to purchase a home with only a down payment and having no mortgage payments on the home for the rest of your life! This became possible with the FHA allowing the Purchase Reverse Mortgage (Jan. 2009) and is now an extremely popular way for a senior to be able to move to the perfect senior development, downsize or upgrade, move near family, all while living comfortably.

Let’s look at one of my recent clients. A wonderful couple, ages 62 and 63, they had lived in their home while raising a family, for over 20 years. They had reached an age where they wanted to move into a home that would require less maintenance and have all the great amenities available to them at a local senior housing development. The home they were living in was worth approx. $250K. They owed around $100K. They were going to net about $130K from the sale, after closing costs. One option was for them to put 20% down, get a 30 yr. fixed rate mortgage, and use their minimal Social Security income with the funds left over (sale of their home) to pay their mortgage payment. It was going to be very hard for them to qualify, they would have to uncomfortably structure their monthly budget, (with increasing health care costs), and this did not give them the peace of mind that they wanted to have.

Insert the Purchase Reverse Mortgage. With the Purchase Reverse Mortgage they were able to put down approx. $120K toward the purchase of their new home of $350,000. They would have no mortgage payments for the rest of their lives. They were left with only their taxes, insurance, and HOA dues for the senior community that they moved into. The home that was absolutely perfect for them, with all of the amenities that they always dreamed of having when they retired, this program left them with the peace of mind they desired.

As a Government Insured Reverse Mortgage, one cannot just apply and be approved for this loan. There is a mandatory counseling session that needs to be completed before we can begin the loan process. This independently done session looks out for YOUR (the consumer’s) best interests. One of the biggest benefits of the program is that we are not putting our seniors through the challenging underwriting that is going on with all other mortgages right now. We do not use income or credit as qualifications for our seniors – the loan is entirely based on the age of the senior, the down payment, and the purchase price of their home.

If you or a family member is in a position where you’re looking at options, this is one that you do not want to leave out. Please call me, Nathan, at 925-623-1019, or visit my website www.LHBrentwood.com, to register for our upcoming workshop. We look forward to meeting you to discuss!

Sign up for my Purchase Reverse Mortgage workshop today! Either click the link on my home page or go to my "reverse mortgage" page for more information!