Enjoy a Grander Home in Retirement without Mortgage Payments – All while Increasing Your Retirement Funds

Reverse Mortgage for Purchase Transaction Has Many Surprising Benefits – Immediate & Future

A reverse mortgage for purchase is an entirely different transaction than a reverse mortgage, which is designed to keep you in your existing home while allowing you to tap out some of its equity. A reverse mortgage for purchase, on the other hand, allows you to accomplish two transactions in one

1.) sell your existing home, and
2.) roll some (not necessarily all) of the proceeds from the sale of that home into your new, dream home. Yes, you read that right – dream home – the home that suits your needs now. Also called a Home Equity Conversion Mortgage (HECM) for Purchase, this loan may allow you to purchase more home than you might think possible. It increases your purchase power and your liquid assets.

A reverse mortgage for purchase is an entirely different transaction than a reverse mortgage, which is designed to keep you in your existing home while allowing you to tap out some of its equity. A reverse mortgage for purchase, on the other hand, allows you to accomplish two transactions in one

1.) sell your existing home, and
2.) roll some (not necessarily all) of the proceeds from the sale of that home into your new, dream home. Yes, you read that right – dream home – the home that suits your needs now. Also called a Home Equity Conversion Mortgage (HECM) for Purchase, this loan may allow you to purchase more home than you might think possible. It increases your purchase power and your liquid assets.

Secure Your Future By Putting it in Reverse

A reverse mortgage for purchase transaction is complex, but it doesn’t have to be complicated. Surely you have questions, and I have answers. Scroll through the benefits and qualifications of this type of home financing below, then call me to chat or meet for a free, no-obligation consultation to learn more. Because where it really gets exciting is when I can show you estimated calculations based on your individual situation and how this may free up significant amounts of money for you now while still allowing you to enjoy a beautiful, perhaps even grander home than you do now – for the rest of your life!

Secure Your Future By Putting it in Reverse

A reverse mortgage for purchase transaction is complex, but it doesn’t have to be complicated. Surely you have questions, and I have answers. Scroll through the benefits and qualifications of this type of home financing below, then call me to chat or meet for a free, no-obligation consultation to learn more. Because where it really gets exciting is when I can show you estimated calculations based on your individual situation and how this may free up significant amounts of money for you now while still allowing you to enjoy a beautiful, perhaps even grander home than you do now – for the rest of your life!

Put this Powerful Financial Tool to Work for You

As one of only about 150 certified reverse mortgage professionals in the entire United States – specializing in reverse mortgages and reverse mortgage for purchase transactions, I’ve helped many people accomplish their goal of pursuing a comfortable, even luxurious future through this process. Because there are only a few specialists in this area of real estate, HECM for Purchase is an under-utilized yet powerful financial tool that can benefit you many ways during your retirement years. Due to the financial flexibility this program affords, along with its federally insured backing and regulations, financial planning advisors are recognizing and recommending this option more frequently as a tool for their clients’ portfolios. And now that you’ve been directed to this site, you have the opportunity to consider it for your future.

Put this Powerful Financial Tool to Work for You

As one of only about 150 certified reverse mortgage professionals in the entire United States – specializing in reverse mortgages and reverse mortgage for purchase transactions, I’ve helped many people accomplish their goal of pursuing a comfortable, even luxurious future through this process. Because there are only a few specialists in this area of real estate, HECM for Purchase is an under-utilized yet powerful financial tool that can benefit you many ways during your retirement years. Due to the financial flexibility this program affords, along with its federally insured backing and regulations, financial planning advisors are recognizing and recommending this option more frequently as a tool for their clients’ portfolios. And now that you’ve been directed to this site, you have the opportunity to consider it for your future.

IMMEDIATE Benefits of Reverse Mortgage for Purchase

A reverse mortgage for purchase allows you to purchase more home than might otherwise be possible. It increases your spending power

1.) A reverse mortgage for purchase allows you to purchase more home than might otherwise be possible. It increases your spending power.

2.) It offers you one consolidated set of closing fees.

3.) It allows you to own a home without making a monthly mortgage payment.

4.) It allows you to have a greater cash flow for flexibility to invest or use as you see fit.

5.) It provides you a place to live now.

6.) Depending on where you relocate to, you may save money on taxes and experience a lower cost of living.

FUTURE Benefits of Reverse Mortgage for Purchase

Have your needs changed? Do you want to right size? Move closer to the kids or friends? Enjoy a warmer climate? Find a one-level home? Experience less maintenance with a condo?

1.) It provides you a secure place to living for the rest of your life.

2.) You own your home. The bank does NOT. It is your name on the title deed.

3.) You own your home as long the property remains your primary residence and as long as you continue to meet the minimum requirements of property taxes, insurance, HOA.

4.) You can sell your home at any time if you desire to move.

5.) Your heirs can sell the home and receive any resulting equity, or they may keep the house through a refinance.

FUTURE Benefits of Reverse Mortgage for Purchase

Have your needs changed? Do you want to right size? Move closer to the kids or friends? Enjoy a warmer climate? Find a one-level home? Experience less maintenance with a condo?

1.) It provides you a secure place to living for the rest of your life.

2.) You own your home. The bank does NOT. It is your name on the title deed.

3.) You own your home as long the property remains your primary residence and as long as you continue to meet the minimum requirements of property taxes, insurance, HOA.

4.) You can sell your home at any time if you desire to move.

5.) Your heirs can sell the home and receive any resulting equity, or they may keep the house through a refinance.

Eligibility Requirements for Reverse Mortgage for Purchase:

  • One of the borrowers must be 62 years or older.
  • You must make an initial investment – typically this is about half the sale price of the home.
  • You must live in the home as your primary residence.
  • You need to stay current on property taxes, homeowner’s insurance and HOA fees.
  • You must continue to maintain the home.
  • You are required to attend an informative counseling session by a HUD-approved counselor.
    (This is to make certain you understand the details and terms of the process from an objective third party.)
  • You will need to show proof of ability to pay the minimum taxes, maintenance and insurance requirements.
    (This can be accomplished with Social Security income. Unlike a traditional loan, reverse mortgage for purchase is based on residual income, not debt to income ratio.)

Reverse Mortgage for Purchase Example

Here’s an example based on a $500,000 home purchase:

Let’s say that our sample buyer owned a home in California that they sold for $500,000. Now they want to move to Arizona. They could purchase a new home for $500,000 cash to own their home with no monthly mortgage payment. OR they could consider a reverse mortgage for purchase. If they purchase the home in cash outright, the entire proceeds from the sale of their home will be tied up in that new home. Another option to protect their living arrangements and have more flexibility in their retirement assets is to utilize a reverse mortgage for purchase, which would allow them to keep a significant chunk of that home sale price.

Here’s what a Reverse Mortgage for Purchase would look like – now and in 10 years.

Initial Investment

Borrower’s Age: 62
New Home Sale Price: $500,000
Down Payment: $266, 788 (includes closing costs)
Loan Amount: $233,212
Interest Rate: 3.56%
Cash on Hand: $233,788
Monthly Mortgage: $0
N

10-Year Check-In

Borrower’s Age: 71
Loan Balance: $377,943
Monthly Mortgage: $0
Home Appreciation: $740,122 (Based on average of 4%)
Equity: $361,679

Is a Reverse Mortgage for Purchase for YOU?

  • You want to buy a new home.
  • Perhaps you want to move to another state.
  • You want to move closer to your children, grandchildren or friends.
  • You might even want to move to a warmer climate.
  • You want to “rightsize” for your current lifestyle needs whether that’s downsize, upsize or enjoy enhanced amenities or a new style of home.
  • You want to move to a one-level house for safety and anticipation of long-term needs.
  • You’re tired of yard and exterior home maintenance and want to move to a condominium or community that includes maintenance services as part of the HOA.
  • You’d like the flexibility of having an optional monthly mortgage payment.
  • You’d like to have a secure home for your future.
  • You’d like to preserve a greater cash flow for retirement, but still enjoy a nice home.

Is a Reverse Mortgage for Purchase for YOU?

  • You want to buy a new home.
  • Perhaps you want to move to another state.
  • You want to move closer to your children, grandchildren or friends.
  • You might even want to move to a warmer climate.
  • You want to “rightsize” for your current lifestyle needs whether that’s downsize, upsize or enjoy enhanced amenities or a new style of home.
  • You want to move to a one-level house for safety and anticipation of long-term needs.
  • You’re tired of yard and exterior home maintenance and want to move to a condominium or community that includes maintenance services as part of the HOA.
  • You’d like the flexibility of having an optional monthly mortgage payment.
  • You’d like to have a secure home for your future.
  • You’d like to preserve a greater cash flow for retirement, but still enjoy a nice home.

Contact Nina Penny today at (480) 635-2410 or fill out the form below to request your no-cost, no-obligation consultation to get a personalized estimate for your scenario of how the HECM for Purchase Loan can benefit your future.


Nina Penny - Certified Reverse Mortgage Professional © 2021