Are you thinking of downsizing? Is your family home just too big now that all the kids are grown? Fortunately, there's a home loan that can help you purchase the perfect retirement home. It's called a HECM FOR PURCHASE (HforP for short.) and it's a relatively new FHA-insured, purchase-money Reverse Mortgage only for home buyers age 62 and older. The HforP allows a borrower to finance the purchase of a primary residence, with no monthly mortgage payments - ever! Here's how it works: Jane Downsizer age 75, puts her large home on the market for $270,000, with the help of a local real estate professional. After some expert marketing efforts, Jane receives and accepts a full-value offer on her old place and is ready to move. Meanwhile, she finds a perfect little house near her son and daughter, with the help of that same real estate professional. The P&S; on the new place is signed at $150,000. Jane calls the HECM Hotline (413) 335-two789 and asks Peg McDonough to calculate how much she can get from a HforP, based on the purchase price of new place ($150,000). Using the HECM Calculator, Peg finds that at Jane's current age and the current interest rate, she'll be able to get about $100,000 net loan with a fixed interest rate, for the purchase. Jane only needs to pay the difference between the purchase price ($150k) and the mortgage loan amount ($100k) -- or a down payment of $50,000. Jane will have the cash for the downpayment from the sale of her old place. The closings on the sale of both homes can be done at one time. Jane̢۪s real estate professional is thrilled to have 2 sales under contract. AND Jane gets to keep $220,000 of the sale proceeds from her old, larger home, so she can enjoy a comfortable retirement. THAT'S what a HforP can do for you! Call us today for a free, no-obligation estimate and buy your dream retirement home! ...read more
By Reverse Mortgages from Primary Residential Mortgage, Inc. August 30, 2012
When the economy tanked in the early 2000s most people began to worry about the state of their bank's health. At the present time, however, banks are beginning to stabilize and hire more workers as they iron out the remaining wrinkles in their business. Those interested in banking should have a wide r... ...read more
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