ARE YOU MISSING OUT

Realtors and Builders should be focusing on the retirement and pre-retirement market – If they are not, they are missing out on assisting the LARGEST demographic of people that will need housing choices for MANY years to come.

•       39% of home buyers are people aged 58-76

•       21% and 20% respectively purchased a home to be closer to family/loved ones.

•       59% of home buyers 60+ purchased a SFR  and 61% of these homes were in a small town or a suburb

•       Over 55% of buyers over 65 looked online for properties for sale FIRST (compared to 36-40% of people 24-42 years old)

A home equity conversion mortgage (HECM) for purchase loan allows borrowers to purchase a new home with a reverse mortgage. That means you can complete both the purchase and reverse mortgage transactions with a single set of closing costs with a HECM for purchase

With the flexibility a HECM for purchase offers, upgrades, and downgrades can also become attractive possibilities. Borrowers who’ve been eyeing addresses in plum locations like a golf course may be able at last to purchase their dream home without cashing in retirement savings. 

Call me and request the HECM for Purchase tool kit for Realtors or Builders. 602.790.4309.

DISCLAIMER: These materials are not from HUD or FHA and were not approved by HUD or a government agency. Not all products and options are available in all states. This article is intended for general informational and educational purposes only and is subject to change without notice and should not be construed as financial or tax advice. For more information about whether a reverse mortgage may be right for you, you should consult an independent financial advisor. For tax advice, please consult a tax professional. When the loan is due and payable, some or all of the equity in the property that is the subject of the reverse mortgage no longer belongs to borrowers, who may need to sell the home or otherwise repay the loan with interest from other proceeds. The lender may charge an origination fee, mortgage insurance premium, closing costs and servicing fees (added to the balance of the loan). The balance of the loan grows over time and the lender charges interest on the balance. Borrowers are responsible for paying property taxes, homeowner’s insurance, maintenance, and related taxes (which may be substantial). We do not establish an escrow account for disbursements of these payments. A set-aside account can be set up to pay taxes and insurance and may be required in some cases. Borrowers must occupy home as their primary residence and pay for ongoing maintenance; otherwise, the loan becomes due and payable. The loan also becomes due and payable, and the property may be subject to a tax lien, other encumbrance, or foreclosure) when the last borrower, or eligible non-borrowing surviving spouse, dies, sells the home, permanently moves out, defaults on taxes, insurance payments, or maintenance, or does not otherwise comply with the loan terms. Interest is not tax-deductible until the loan is partially or fully repaid. This is not a commitment to lend or extend credit. Security National Mortgage Company NMLS#3116. Security National Mortgage Company home office address 433 Ascension Way, 5th Floor, Salt Lake City, UT 84123. Equal Housing Lender