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As we can claim that “Senior Citizen” designation ourselves, it seems we pay more attention to things that affect Seniors – whether they are a young 55 or meandering close to 100.   Recently, reverse mortgages came to our attention as a great way to help our clients who are trying to take that next step along the “real estate adventure”.

 

We happen to know a “reverse mortgage” expert ~ and he gave us some great tips to consider.   For instance, did you know you can put your current home on the market and, before it even sells, use a percentage (there is a formula) of the equity in that home to purchase a retirement home?   And, never make a payment on that new home?

 

Additionally, take a look at this:

 

  • Your home does not have to be “free and clear” of any liens to be eligible

 

  • Credit problems and/or lack of income is not an issue

 

  • You retain ownership of the property - it is not transferred to the lender!

 

Interested in more information about reverse mortgages, or just info on making that next move?  Give us a call. We think this is a great tool to promote home retention and improve quality of life during the “golden years” – no matter how wide the spread!

 

And, oh by the way, if you missed our earlier articles written with Seniors in mind, check out our blog at www.straighttalkrealestate.com.  

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