Reverse Mortgage Purchase Strategy

People who do not understand the Reverse Mortgage Purchase Strategy are missing out on a powerful solution to three common senior problems: (1) insufficient cash, (2) a broken monthly budget, and (3) living in a home that is less than ideal or just unsafe.

 

The centerpiece of this strategy is using a reverse mortgage as a purchase-money loan. You can’t say this is a misunderstood strategy because almost no one knows anything about it. 

 

5 New Jumbo Reverse Mortgage Options

 

Everything we do revolves around improving our clients' quality of life in retirement. Let’s face it, money stress can be all consuming – in a bad way.

Jumbo Reverse Mortgage Examples

Two cases where people with considerable equity leveraged new jumbo reverse mortgage options to solve real-world money issues.

 

Example one: eliminate an existing mortgage payment and fund $5,000 monthly healthcare. Example two: a home owner wants a second mortgage with no monthly payment.

FHA HECM Not for High Value Homes

 

In 2018, homeowners with houses worth over $800,000 got many new options allowing them to safely access some of their house-based wealth more efficiently than ever before.

 

It was also the year when changes to the popular FHA reverse mortgage made them even less useful for high value homes.

Hybrid Jumbo Reverse Mortgage Strategy

What do you do when an unexpected medical event changes everything?

 

Hopefully, you have people in your life like our recent client Dr. Thompson.

 

This is his story and it includes a beautiful example of real friendship.

 

Jumbo Reverse Mortgage - Pros & Cons

There are two types of reverse mortgages currently available: the FHA-insured HECM (Home Equity Conversion Mortgage) that is frequently advertised on TV, and a new proprietary loan referred to as a Jumbo Reverse. Jumbos are primarily designed for people who have homes worth over $800,000 or non-FHA-approved condos worth more than $500,000. Jumbos allow homeowners to access more of their wealth than is possible with an FHA product.