Reprinted from Reverse Mortgage Daily
Reverse Mortgage for New Home Purchase…
Reverse mortgages have many different uses which can accommodate a variety of your personal needs. However, one particular usage is often overlooked. This is for you to be able to use a reverse mortgage for a new home purchase.
At the most basic level, the major benefit of this tool is that it allows homeowners age 62 and older the ability to obtain a reverse mortgage. And, then buy a new home all within a single transaction. But there are also other benefits to this unique product which may not seem so obvious.
“In terms of coordinating the use of debt for housing, the ability to not make a monthly mortgage payment reduces your fixed costs. It also provides you potential relief for the need to spend down investments,” according to the experts.
The HECM for Purchase could also allow you the opportunity to downsize, or even upsize, into a new home during retirement.
If you downsize, experts note this tool could also free up more assets from the sale of the previous home, which could then be invested for future use.
If you’re upsizing, and you have the financial resources to manage this, experts advise this could allow for a more expensive home. This is key particularly when you consider the potential difficulty of obtaining a traditional mortgage after retirement.
Why Work with Mario Quintero
Is a reverse mortgage right for you? Have a look at your options with the help of Mario Quintero of STC Loans. Mario has been in the reverse mortgage business since 2002. His experience is tested and true. Mario has helped thousands of clients secure and supplement their retirement through a reverse mortgage.
Mario Quintero, principal of Strock and Tanner Mortgage, gets your deal done. Let me be both your trusted Miami realtor and Miami mortgage broker.
Get in Touch with Mario
I’m Mario Quintero, your mortgage & realtor for life. Let me be your Miami home consultant. Our office specializes in both residential and commercial real estate and financing programs. Let me help you secure a conventional, jumbo, FHA and foreign national mortgage loans. Furthermore, we can help your elderly parents secure a comfortable retirement with a reverse mortgage.
Call me today at 305-598-1600 or contact me here.