While most everyone has heard of a reverse mortgage but most never realized that you can purchase a home with a reverse mortgage.
Instead of paying all cash or taking out a traditional mortgage and making mortgage payments throughout retirement a much better option may be to finance part of the purchase utilizing a reverse mortgage so there are no mortgage payments. Mortgage payments are optional!
Spend less money out of pocket. Have more money invested earning a rate of return in retirement funds
Purchase a larger home. A HECM for Purchase reverse mortgage could help you to more comfortably afford upgrades or a larger home.
“Right Size” your home, maybe your needs have changed, and you want to be in a more suitable neighborhood or move closer to the grandkids.
The chart below illustrates your approximate down payment based on your age for a HECM for Purchase.
Just $150,0000 kept out of your home and in your retirement, account can mean an extra $475,825 of retirement asset growth over 15 years.
Please contact us at NEXA Mortgage for your own personalized proposal and see if a HECM for Purchase may be the right option for you.