A Reverse Mortgage for Purchasing a Home
Since an initial purchase fell through due to issues on the sale of her current home, it was time to get creative. Sharon and her niece decided it made the most sense for her to concentrate getting her current home sold, and then move into her niece’s home temporarily, while she waited to pounce on the right home, when it came on the market. This means she can make an offer on property without the home sale contingency and in the tight market in the city, that made her offer stronger.
Communication is the key!
The biggest key to success is communication! Kim’s team provided updates as interest rates went up and down, evaluated homes for financing as they became of interest and made sure that Sharon was in a position to make the most advantageous offer ~ Sharon was ready to buy. We all know interest rates rose in 2022 and that can limit purchasing power for homebuyers. But, Sharon kept the faith (and kept up her loan file with us) When a lovely townhome appeared in RMLS, her real estate agent was on it. Less than 30 days after her offer was accepted, her FHA insured Reverse Mortgage Purchase loan was finalized and she was handed the keys to her new home. Sharon is thrilled to be in her own space again. It was a blessing to have been with her niece and family for the months it took to find the right place, but we all know ‘there’s no place like (your) home”!
More detail on FHA Reverse Mortgage Purchase Loan
What to Do Next: Thinking of right sizing your home or moving closer to family? Call to find out how far your budget will go with an FHA Reverse Mortgage Purchase Loan. We look at all your options so you can make the choices that will work with your lifestyle, budget and timing. Don’t trust your home financing to just anyone, contact us a conversation at (503) 595-1600. Be Retirement Ready!
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