Imagine the lifestyle of your choice. This possible story could be yours, offering inspiration and solid ground for those considering the Reverse Mortgage for Purchase Program.
“Many years in Midwest winters, having happily raised our children now living along the sunny coast of eastern Texas, reached their end for both of us. My husband and I, both the same age, are newly retired and began the daunting process of finding out the benefits of senior status. We grew up as savers, faithfully keeping up the quality of our home, steadily adding to our savings, and now we wondered, ‘what kind of life do we want, and what kind of life can we reasonably have?’ We hoped the answers to these two questions would converge into a retirement that offered us fulfillment. He wanted to play more tennis, I wanted to be close to my grandkids, and both of us wanted to travel, not just one year, but every year.
Among the many ideas marketed to us from every direction came information about a reverse mortgage. ‘Hmmmm,’ we thought, ‘this looks very interesting, but could it be true?’ We discovered there is a program where we could take a reverse mortgage for purchase, and put down a specified initial payment and the bank would pitch in the rest of the cost of the home, leaving us with no mortgage payments. Not long after my daughter sent us a listing of homes only half a mile from their house. These were not matchbox homes, an option neither my husband or I were interested, they had gracious kitchens, screened-in patios, and even two guest rooms (one of course could be a play room for the toddlers to enjoy.)
It felt like a dream, could it be real? So we consulted with a Reverse Mortgage Specialist and discussed the Reverse Mortgage for Purchase. Down payment and closing costs were outlined, we met with a HUD approved Reverse Mortgage Counselor, and approval for the home we hoped for came in. Within weeks we had stepped into a plan only hoped for years ago. Good-bye blustery winters, hello tennis and travel!”
Reverse mortgage for purchase falls within the same guidelines as reverse mortgage. The age requirement is 62, the home must be the primary residence and the fall under the HUD standards of approved homes, along with allowable sources for your down payment, which can be found on their site.
Brenda Bejarano is a Reverse Mortgage Specialist serving the Dallas, Fort Worth, Plano, Richardson, McKinney, Frisco, Hurst and Bedford areas of Texas. Click here to contact Brenda and learn if a reverse mortgage is right for you.