purchase using a reverse mortgage: Reverse Mortgage for Purchase - NOT selling another property - 02/02/11 09:04 AM
Here is how it works for a current owner:
Let’s start with the example of the traditional Reverse Mortgage, which is done when someone already owns the home, has equity, and either wants to cash out or pay off their current mortgage without requiring future payments: 
So John and Sally are 62 years old. 
Their value is 200k, and they owe 100k. 
Based on their age they have a benefit (or available loan amount) at approximately 60% of their value, which is 120k in this example.** 
SO THEY USE THE MORTGAGE PROCEEDS OF 120K TO PAY OFF … (0 comments)

purchase using a reverse mortgage: Reverse Mortgage for Purchase - using funds from the sale of another property - 02/02/11 09:01 AM
Reverse Purchase when using funds from the sale of another property:
John and Sally are selling their current home for 400k.  We will say that the 400k is their net proceeds after all costs of selling. 
Normally they would use 200k of that 400k to buy the new house so that they can retire without a mortgage payment, but then they only have 200k remaining for savings or investments. 
Why not show them a way to keep 320k from the 400k sale instead of only 200k, and still not have a mortgage payment on the new purchase?  Just refer … (0 comments)

 
Phil Stevenson, CRMP, Reverse Mortgage Expert in Miami and Florida (PS Financial Services 786-586-3336 or 888-845-6630) Rainmaker large

Phil Stevenson, CRMP

Reverse Mortgage Expert in Miami and Florida

Miami, FL

More about me…

PS Financial Services 786-586-3336 or 888-845-6630

Address: 14100 Palmetto Frontage Rd Ste 104, Miami Lakes, FL, 33016

Mobile: (786) 586-3336

Office: (888) 845-6630

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