Reverse Mortgage Info for Over 55 – Active Adults – 55 Plus

Reverse Mortgage - 55 Plus - Over 55We’ve all heard the words “Reverse Mortgage” but how many people really know what it’s all about?  How many know what the upside and the down sides are?  I’m going to try provide information for your consideration. 

First of all, who would want a “Reverse Mortgage?  It could an excellent opportunity to purchase a home that you might otherwise not be able to afford.  Other reasons might be
  • You’re deep in debt and need a lump of money to get back on your feet.
  • You can’t afford to continue making house payments
  • You want to take that vacation that you’ve wanted all your life
  • You want to purchase a home but not deplete all your money
I have two friends that decided to get  “Reverse Mortgages:
  • One had just become a widower.  He had considered downsizing because of the expense.  Instead he got a “Reverse Mortgage”, paid off several debts and is now living rent free for the rest of his life( if he wishes).

  • My other friend was deep in debt as a result of the turn in the economy.  He also got a lump sum of money and paid off almost all of his debt.  He also has NO house payment.
“Reverse Mortgages” are not only for refinancing.  You can purchase a home with a “Reverse Mortgage”.  Here is one good example of what it can do. 

Let’s say that you wish to purchase a home for $400,000 and you want to pay cash.  Not a bad way to go.  An alternative might be to purchase the same Active Adult Communities home with $200,000 down, put the other $200,000 in the bank (or where ever else you want it) and still have NO house payments for the rest of your life.  Sound to good to be true,  Well, it is true.

Want to learn more about “Reverse Mortgages”?  Click on the following link, you’ll be surprised at some of the benefit offered by    A Reverse Mortgage


One response to “Reverse Mortgage Info for Over 55 – Active Adults – 55 Plus

  1. The housing market is definitely heating up !! Look at almost every newapaper throughout the country and there are at least 2 or 3 articles each week telling readers that:
    1) Houses are in short supply now !!! (Demand will push home prices higher.)
    2) Investors have returned to the housing market …. they are starting to buy up the houses you may want to purchase, simply to re-sell them at higher prices !!!
    3) Mortgages are at all time lows……3.5% for a 30 year fixed rate !!! Homes are the most affordable they have been in decades !!!
    4) Banks which have been very restrictive, are now starting to loosen up some restrictions, making it easier to get your home loan !!!

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