Ryan Mandley / How to Purchase a Home with No Mortgage Payment for Retirement
Are you 62 Years of age or older and want to purchase a home with no monthly mortgage payment? Then a Home Equity Conversion Mortgage for Purchase maybe for you (HECM). Statistics show that more then 1/3 of retirees would like to move to a different home during retirement for various reasons.
Some of these reasons may include:
-Right size to move to a more affordable home
-Move to a home that better fits your retirement needs. IE Two Story to a single level
-Up Size to a more expensive home or neighborhood
-Buy the dream home they’ve worked so hard for -Move closer to Family or Friends
-Move to a 55 plus retirement
-Lower your cost of living during retirement
With a HECM Mortgage for purchase, people are able to buy their retirement dream home, have no monthly payment, and in many cases have funds left over from the sale of their previous home to help fund their retirement. The homeowner always retains ownership of the home and the equity belongs to them or their heirs. You are still required to pay for property taxes, home insurance, and home maintenance. If you are thinking you might want to buy a new home, let’s have a conversation to see if a HECM for Purchase might be a good fit for you.
Ryan Mandley Dream Home Funder – AFN Inc
NMLS 1181993 Senior Mortgage Advisor