Mortgage interest rates are so low, the lowest they have ever been having caused Americans to rush into the very competitive Real Estate market and buy homes to take advantage of the interest rates as quickly as they can locate a property to purchase.
If you are a senior, you may be considering selling a large home that has become a burden in maintenance for you or no longer suits your lifestyle, and have started to look at Listings of homes in your area before you decide if you want to stay where you are or sell your home and move.
If you decide that you are ready to make a change and maybe you are considering moving into a 55+ community, a new Tract development, or a previously owned home, you can apply for a reverse loan rather than traditional financing.
A reverse loan is easier to qualify for, you will not have to be concerned about being approved using Debt to Income ratios or FICO scores. The Title will be in your name, you will be its owner, not the Lender.
And the best news? You will not have any mortgage payments.
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Becoming approved for a reverse loan is much less difficult. Generally, when a reverse loan is used to purchase a new home, the buyer will put down approximately 50% of the sales price. Obviously the funds would come from the sale of their current home.
Find out early in your “search” how much you could be pre-approved for and receive a letter from a reverse loan lender ( me), that will help you to leverage your offer and “seal the deal”.
Contact me and we can chat about it and I will provide you with information to help you work with a Realtor and answer your questions on how to get started.