I am so excited to have a couple of deals in escrow right now where the buyers are financing their home purchase with an FHA HECM Reverse Mortgage! It's a relatively new product (2009) and not every agent, broker or buyer is aware of it.
In one instance, a young 70 year old is putting down $130K on a $318K property in a gated 55+ golf community! He still works and plans on making payments to his Adjustable Rate Reverse Mortgage and build up a line of credit. That way he will still be able to take advantage of the tax write off for interest payments. When he wants to, he can stop making payments knowing that the money he pre-paid is available to him to withdraw again! I think his plan is very smart.
Southern California Realtors, if you would like some information about how the Reverse 4 Purchase can help you to help your senior home buyers.... just let me know! I'd love to sit down with you and brainstorm.
Deborah Nance
Your Local Southern California Reverse Mortgage Professional
