Rightsizing with a HECM for Purchase Mortgage
Sharing client success stories. Age 75, decided to downsize for several reasons. The house he owned needed a lot of repair & maintenance including a pool that he no longer needed or used. He was still working part time out of necessity and wanted to completely retire so he needed to cut his housing costs. There was a mortgage balance of $148,000 and the monthly principal & interest payment was $925.00
They sold their home and purchased a 2 bedroom single story PUD. It was a perfect size for his retirement needs and the outside is maintained by the Homeowners Association. They are now in a very safe environment and able to enjoy their retirement years.
This was the best option for him. Our client was able to move to a home that better suited his retirement lifestyle, he has no principal and interest payments, AND he was able to add $40,000 from the sale of his previous home to his retirement savings account to help fund his retirement. He is in the best financial situation he has been in for a very long time.
They said that he has been to several HECM workshops but still didn’t “get it” until we went through this process for his customer. He told me he would talk to anyone about the program because it fits a lot of people needs.
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