National statistics show that over 10,000 baby boomers are reaching retirement age every day. This generation is buying and selling their homes now!For your clients looking to downsize or should we say rightsize, the Reverse for Purchase is designed specifically for these homebuyers.
It allows your clients to complete the purchase transaction without using all of the money from the sale of their home. Unlike traditional downsizing transactions that require either all cash or a new mortgage and monthly payments, the Reverse for Purchase lets them keep their cash and live payment free for the rest of their lives.
Another great feature of the Reverse for Purchase is Buying Power. The Reverse for purchase, in most cases, gives your client the ability to afford the home they want. Simply put, because a Reverse Mortgage has no monthly payment requirements, your clients will qualify for a more expensive home.Although a Reverse Mortgage is only allowed for primary residences, it is a great way for your clients to access funds when purchasing a vacation home.Listing a home with deferred maintenance issues can be a problem, especially when your client does not have the funds to address.
A Reverse Mortgage is a great solution to this problem. Your client can use the line-of-credit option to make repairs and eliminate an existing mortgage. This will provide you the necessary time to sell the home without dropping the price.A Reverse Mortgage can be a great tool when your clients do not have a sufficient down payment and may need assistance from an older loved one.
We have had many clients over the years use the Reverse Mortgage to gift equity to their children to purchase a home. This allows them to share their legacy without creating a financial burden on themselves
