Purchase Home Near Family
Mrs S lived in a home in Menlo Park, where she raised her family for many years. She had a disabled son that lived and worked from his home in Sonoma County and she wanted to be closer to him.
She sold her home in Menlo Park and netted $385,000. She thought initially that she would need to spend the entire amount of money on a home because she did not want a house payment.
When her realtor mentioned the reverse for purchase program, and that it was a government insured loan program, she was interested in finding out more. I was put in touch with Mrs. S.
In the end, Mrs. S purchased a $400,000* home with a down payment of $175,000*. The loan of $225,000* carried no monthly payment, she didn't need to qualify on her Social Security income and she was also able to keep over $200,000* with her financial advisor for investments. Another success story for the reverse mortgage purchase program.
*This is an example that may not currently have the same criteria. Results will vary based on borrower's age, current interest rates, home value and FHA maximum limits. Ask me to quote a similar scenario for you or one of your clients