Texas finally caught up with the rest of the country and approved home purchases using Reverse Mortgages.
Advantages:
Now you can buy a home without having to deplete your entire retirement savings and without having to make monthly mortgage payments.
* No monthly mortgage payments. Loan would be due when you move out permanently, sell the home, or pass away.
* Down payment would be between 34% and 47.4% (plus closing costs), depending on your age.
* Non-recourse: never owe more than what the home is worth. If the heirs choose not to repay the loan and the home is foreclosed, they will not be liable for any deficiency.
* Stipulations include maintaining primary residence, keeping current on property taxes and insurance, and making sure the house is properly maintained.
If you or someone you know is interested in using a reverse mortgage to buy a home – shoot me an email or give me a call. I want to help you!
That’s it for today!
Have a good day today! …and thanks for reading.
Brett
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