Did you know you can Purchase your home using a HECM Reverse Mortgage?

The Senior  HECM Purchase option is becoming a popular option for senior homeowners who want to downsize or just move closer to their family members.

The new purchase option has been gathering popularity as more and more seniors are opting to downsize because they do not need the space, want to save on utilities and taxes.

Conserving Cash

Many seniors who make their retirement home purchase will opt for an all cash purchase.  Many times seniors will have enough cash when they sell their primary home to purchase the retirement home with all cash.  However, in today’s world, cash is king and taking most of the cash from the sale of your current home, may not be in your best interest for future years in retirement.  Why?  Advances to improve the quality of life is putting other stresses on our future, yes, are we going to outlive our assets?

For example, let’s say you sold your home for $200,000 and walked away with $200,000 cash in hand.  Your new retirement home costs you the same amount, $200,000.  Suppose you were able to make your purchase and only use $100,000 of your cash, then save the other $100,000 to assist you if you needed that cash later in retirement.  Having additional cash reserves on hand make for good financial planning, plus with a reverse mortgage, you still will have  no monthly payment, other than your property taxes, homeowners insurance and home maintenance.

To find out how much of a HECM reverse mortgage you qualify to receive, just click here or give us a call 302-266-9500 or 877-266-9500.