Most people don’t even know they can buy a home using a reverse mortgage – they think it’s just used as a refi for the home they’re already in. But it does not good to keep someone in their home if it’s simply not the right home for retirement.
Reverse for purchase may be a way forward to get into that new home without having to shoulder the burden of a new monthly mortgage payment, or without pinning down a huge amount of cash in an all-cash purchase.
I’ve put together a very short cartoon video that walks through the basics. Give me a call if you would like to discuss your situation. I always love hearing from you.