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Our Retirement News blog is dedicated to your financial and physical health and well-being. 
Whether you're already in or nearing retirement, you will find important, topical information in the blog to help you on your road to retiring more freely.


THIS JUST IN

Reverse Mortgage for Purchase: Your Strategic Advantage in Today’s Competitive Home Buying Market
Retirement News, Financing Retirement, Home Purchase, Retirement Planning, Reverse Mortgage Facts

Reverse Mortgage for Purchase: Your Strategic Advantage in Today’s Competitive Home Buying Market

Home prices are soaring across the U.S., and unfortunately for homebuyers, so are mortgage rates. The result: homeownership is less affordable.

The Wall Street Journal recently reported that the median sales price for existing single-family homes jumped almost 16% in the first quarter of 2022 compared to the same period last year. Concurrently, the average for a 30-year fixed-rate mortgage rose from 3.1% at the end of 2021 to 5.1% by April 2022 — nearly the highest in over a decade.

What gives? The pandemic-era lifestyle has escalated home-buying demand. More Americans are reconsidering what they need and want from a home — whether that’s proximity to family, a warmer climate or more property to call their own. In addition, the opportunity to work remotely led many to pack up and leave for greener pastures, as they’re no longer tied to the proximity of a physical office.

As demand continues to outpace supply in most areas of the country, older homeowners may have a strategic financing advantage to win the bidding war — a reverse mortgage for purchase.

The financing you need for the home you really want

With a reverse mortgage for purchase, older home shoppers can potentially buy a new home, whether that’s a single-family home, multi-family dwelling or condominium, using the proceeds from the sale of their existing home.

What’s unique about this type of financing is that you can use the loan proceeds along with your own investment to create a larger down payment.

“A reverse mortgage for purchase enables older individuals to purchase a home that meets their needs and wants,” explains Rob Cooper, purchase financing leader at Reverse Mortgage Funding LLC (RMF). “The homebuyer can get a conditionally underwritten approval, a major advantage for buyers in a competitive housing market. And once they’re pre-approved, they’re essentially coming to the table with roughly 50% of the sale price of the home.”

As a reverse mortgage for purchase borrower, you can go higher on the offer with less impact on your buying decision, and ultimately, your monthly cash flow. With this type of loan, you’re not required to make monthly mortgage payments. Unlike traditional loans, you can pay as much or as little as you’d like or nothing at all.

As with any mortgage, borrowers must meet loan obligations, including keeping current with property taxes, insurance and maintenance.

There’s no place like home

If you’re an older homeowner looking for a new home to live out your best years, a reverse mortgage for purchase may give you a strategic advantage in today’s seller’s market. The loan specialists at RMF can help determine if you’re a good candidate. Call us today at (888) 277-1567 to find out more.

This content is sponsored by RMF, one of the nation’s leading reverse mortgage lenders. We are dedicated to helping older Americans retire more freely, in the comfort of their own homes. As a result of our commitment to providing an extraordinary and positive customer experience, we have earned a 98% customer satisfaction rating; a 4.7-star / Excellent score on Trustpilot; 4.8 out of 5 stars on LendingTree; and an A+ rating with the Better Business Bureau. Call 888-277-1567 to speak with a licensed reverse mortgage specialist to learn about our retirement financing products and solutions.

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Together We Can Make a Difference


RMF is proud to be a part of the inaugural Momentum Circle to support Meals on Wheels America’s efforts to lead its national network of local programs committed to combating the real issues of senior isolation and hunger.

Even before COVID-19 emerged as a worldwide threat, nearly 10 million seniors in America struggled with hunger, 8 million lived in isolation, and more than 7 million had incomes below the poverty line.

meals-on-wheels-proud-supporter

Meals on Wheels America is the leadership organization supporting the more than 5,000 community-based programs across the country that are dedicated to addressing senior isolation and hunger. 

This network serves virtually every community in America and, along with more than two million staff and volunteers, delivers the nutritious meals, friendly visits, and safety checks that enable America’s seniors to live nourished lives with independence and dignity.

 

To learn more about how you can get involved in your local Meals on Wheels America programs or to make a donation, please visit MealsOnWheelsAmerica.org



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