Another Reverse Mortgage for Purchase closing today here in Corona!
My senior borrowers purchased an approved short sale home and closed within 45 days. Now, granted, they looked for awhile and made offers on several homes before this one popped. But, I am thrilled to see how sellers and bank owned REO's are becoming more educated and receptive about this method of financing for homeowners over 62 years old.
The transaction went very smoothly with good communication between all parties (isn't that really the key?) If you have any questions about how it works check out Reverse for Purchase.
Deborah Nance
Your Local Southern California Reverse Mortgage Professional
I think that's great but I'm not a believer that reverse mortgages are for everyone, I believe home owners really need to look at all aspects before jumping into one.
Doris,
You are right, they are not for everyone, but in many cases they are the only reasonable choice. Don't look at them as something everyone should use, but rather just another tool that can help the Senior and get the deal done.
Skip
I agree with Doris...but nothing is for "everyone". But for some this is a great option. I know a few people who did the reverse mortgage and are happy with it and others who are not so happy with it, but are greatful it existed, meaning it may not have been all they wanted but without it they don't know how they would have managed.
Thanks for the feedback!!!
The best part is that these clients carefully reviewed their options and know how to use their reverse mortgage in order to set up a line of credit that will only increase with time allowing them to have access to emergency funds as they get older.
Hi Deborah,
Wow, they bought that place with a reverse? I'm in agreememt with you with respect to lenders and sellers getting it when it comes to a reverse purchase. Had one myself not long ago.
I imagine I'll be using one myself in the years to come.