Is the House a little too Big Now? Should we Downsize?
There is a "Reverse Mortgage Purchase" Option for you!
Have you said any of these things?
"The kids are Finally gone and we really don't need this big of a place. "The Yard is just too big to take care of now."
"We really don't need a pool. It's just extra work and money"
"Maybe I should be thinking of a single story"
You are not alone. Many people have used the proceeds of their current residence to purchase a new home and DON'T HAVE TO MAKE ANY PAYMENTS!
How Does a Reverse Purchase Work?
Here is an example of how a Reverse Mortgage Purchase works:
John and Jane have owned their home for 30 years, the kids are gone and they need a single story home. They can sell their home for $500,000. (There may be a small mortgage on the home or, it may be paid in full) Let's say they have a small loan and the proceeds from the sale end up being $400,000. They take $200,000 of the proceeds and use it for a down payment on a $400,000 home. The other $200,000 needed comes from the Reverse Mortgage. That leaves them with $200,000 cash in the bank AND THEY DON'T HAVE ANY PAYMENTS!! Of course you are still responsible for the taxes and Insurance on the home just like you were on your previous home. Now John and Jane can take that vacation they've always wanted, buy that new car that they've needed or help their Grandchildren with College.
What about my taxes?
Since you've owned your Home for a long time, you probably don't pay very much in Taxes. Well, GOOD NEWS! Under Propositions 60 and 90 (we will go over the differences with you) if you or your spouse is 55 or older when the property is sold AND you buy a house of equal or lesser value, you can KEEP YOUR SAME TAX BASE! It is crucial that you have experience Real Estate Professionals like us to make sure that everything is done correctly. We have agents available to you that have decades of experience. You will be taken care of, Guaranteed! Here is a link for more information on propositions 60 and 90. http://www.boe.ca.gov/proptaxes/faqs/propositions60_90.htm#1
Can I Buy a Higher Priced Home?
Absolutely! Everything would be the same, NO PAYMENTS. Give us a call to see what amount we can qualify you for and how much we would need to put down. It's as simple as that. And remember, we are ALWAYS HERE for you if you have any questions and will walk you through the entire process so that you are 100% confident.
Make the most of your home's equity, make the most of your retirement!
Call us now for a FREE, NO OBLIGATION CONSULTATION: (562) 400-6767
or, Send Us A Message, We're Here!