A survey of local real estate agents shows that few of them know about how a senior can use a reverse mortgage to purchase a home. The method is different than a forward mortgage but the advantages can be quite nice for the senior.
Many seniors are reluctant to sell as they have seen their equity drop in their exisitng home over the last few years. The cash they are going to get is too little in some cases to buy their next home and they just sit watching the housing market go buy. A HECM reverse purchase could be the answer. Think about it. Let's say you see that by selling your home now, you are going to get about $300000 cash to use for the next purchase. You have 3 options:
1) Pay all cash and buy a $300000 home.
2) Use about half of your cash, keeping half of it working for you and use a reverse to still buy that $300000 home.
3) Use the $300000 cash and using a reverse, buy a home arounf $550000.
All of these still get you into the home with no mortgage payments. If you are wanting to check out your options and are over 62 years of age, visit http://www.WashingtonReverse.com for more information.
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Reverse Mortgage Calculator
Step 1 & 2 of this calculator determine if you are eligible for a Reverse Mortgage