A Reverse Mortgage on a Purchase

buying a home that you want and not having a mortgage payment
you want a home and have 300 k but the home you really want is 400k, how can you do it and still have money to give to your financial advisor
tune in and learn at https://www.ddamortgage.com/blog
didier malagies nmls#212566
dda mortgage nmls#324329

Millions of retirees and near-retirees have discovered that a Reverse Mortgage can give them the money they need to purchase a larger home without having a mortgage payment.
Tell me if this story sounds familiar.

You are nearing retirement or are retired. You want to move out of your current home to a condo or 55 and older community. You might be relocating to a nicer climate or are trying to get closer to the grandkids.
You have cash, but your purchasing power isn't quite enough. You don't want to pull money out of your retirement accounts, because you know you'll need it, and the tax implications just don't make sense.

So,
- You don't want a loan
- You don't want a monthly payment
- You don't want to pull reserve funds
- But you want the more expensive house

Here's what you can do...

You can buy a house with a reverse mortgage!

Most people don't know that you can use a reverse mortgage to purchase a home if you have a larger down payment.

Now there are a few things you need to qualify for this type of loan.
- You have to be 62 or older
- You have to live in the home (vacation homes and rentals are not eligible)
- You must have over 50% equity in the home at the time of purchase

If you would like to speak to a Reverse Mortgage advisor, give us a call (727) 784-5555. Or use our form below to ask a question.