A Reverse Mortgage for Purchase...Keep 40% - 60% of that cash from your home sale!
My husband, Ken Adler, is a licensed Loan Officer specializing in Reverse Mortgages. These loans are now available with loan amounts as high as $4 Million in California. Now for the first time, seniors starting at age 55 can purchase a new home using a Reverse Mortgage. With a Reverse Mortgage you are not required to make mortgage payments for as long as both you and your spouse live in the home. In addition, a healthy line of credit can be established, depending on how much equity is in the home and the ages of the borrowers. This loan is also widely used for existing homeowners with a lot of equity in their property, who have no way or limited ways to access that equity. With the current surge of home values, there has never been a better time to consider a Reverse Mortgage.
Let’s have a glimpse at a Reverse Mortgage for Purchase:
A senior aged 70, sells his home where he has lived for the past 25 years, for two million dollars. After selling costs and his small mortgage is paid off, he nets $1,850,000, before taxes. He would like to downsize and buy a townhome he likes for $1,200,000. He puts down $680,000 in cash from the sale proceeds, and finances the balance of $520,000, using a Reverse Mortgage. He has now freed up $1,170,000 in cash, which can be invested for additional income, as well as being saved as a nice nest egg. He will never have to make a mortgage payment for as long as he lives in the townhome. As usual, he will still be responsible for property taxes, insurance premiums, and HOA dues and assessments (if any).
Ken is happy to discuss all your options with you.
Mortgage Capital Partners
12400 Wilshire Blvd. Suite 900
Los Angeles, CA. 90025
NMLS #261698 DRE #02071234 MCP NMLS #239902