Qualifying for a Reverse Mortgage is easier than for a regular mortgage.
You’re moving to Florida. Sunny, no snow, no cold, beaches, shorts and sandals. Nice. You’ve decided to buy your next house with cash from your home sale or your investments, so you don’t have the headache of paying a mortgage. It’s a good idea.
Here’s another good idea: Use a reverse mortgage to buy your home. Here’s why: You’re not required to make mortgage payments, just like buying for cash. Reverse mortgages typically finance half the home price, so you keep a big chunk of cash invested for future access.
Qualifying is easier than a regular mortgage. You can buy your dream house instead of settling for a cash-only deal. You can even over-fund some reverse mortgage programs with a growing line of credit giving you access to an increasing amount of equity over time. Home values can go as high as $10 million. Even your real estate agent will like the idea because they can help you use the savings to buy an investment property or a bigger home. I’m Kurt Heide, President of Heide International, if you have any questions on this or any other mortgage financing ideas, give me a call.