It’s hard to think about selling the family home. It’s here where you’ve raised your kids and celebrated holidays among family and friends. It’s full of wonderful memories, but it’s starting to become a burden. The housing market is strong, so this might be the right time to put your home on the market and start lookingfor a place that’s more manageable and affordable.
How will you finance your new rightsized home?
- Will you need to finance your next home with a mortgage loan?
- Will you be paying off a mortgage for the next 15-30 years?
- Would you rather pocket more proceeds from selling your existing home?
- If any of these concerns is applicable, investigating a reverse mortgage for purchase loan may completely alter your buying experience.
Whether to downsize, be closer to family, escape the cold winters or hot summers, a reverse mortgage for purchase can be an excellent program for those looking to rightsize. Most retired people are now living on a reduced income, so cutting costs is important. Adding a 15-30 year mortgage payment to your monthly expenses will not help that cause. With a reverse mortgage for purchase loan, the only expenses you’ll be concerned with are property taxes and homeowners insurance.
The reverse mortgage program is intended to get borrowers into their new homes while keeping more money in their pockets.