Hampton, Gloucester, Newport News, Poquoson, Williamsburg, Yorktown, VA Mortgage Calculator
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.