Retirement News with Professor Craig

Retirement News with Professor Craig

The Retirement News blog is dedicated to the financial and physical health and well-being of older Americans. 
Whether you're already in or nearing retirement, you will find important, topical information in the blog to help you make informed decisions on your road to retiring more freely.
As a 25-year veteran in the financial services industry and a certified trainer and teacher, Professor Craig's #1 goal is to help you thrive in retirement with financial peace of mind. 

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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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A More Flexible Home Equity Loan

If you’re 62 or older, there is a home equity line of credit option that offers greater financial flexibility than a traditional Home Equity Line of Credit (HELOC). It’s called a Home Equity Conversion Mortgage (HECM) line of credit. 
If you have an existing mortgage or home equity loan you could refinance them with a HECM line of credit and get enhanced benefits, including a flexible payment feature and a line of credit that GROWS when left untouched.
As with any mortgage, you must meet your loan obligations, keeping current with property taxes, insurance, and keeping your home in good condition.

Equity Elite Reverse Mortgage

Put Your Home Equity to Work for You

Get Your Free Reverse Mortgage Quote

By clicking "CALCULATE", you are providing your signature and express "written" consent to be contacted by or behalf of Reverse Mortgage Funding LLC, its affiliates and/or its agents (collectively Company) at the telephone, email or mailing address that you have provided for purposes of fulfilling this inquiry about reverse mortgages and/or the Company's products or services, even if you have previously registered on a "do not call" government registry or requested Company to not send marketing information to you by email and/or direct mail. You agree that the Company may use automatic telephone dialing systems and prerecorded voice messaging in connection with calls or texts made to the telephone number you provide even if the telephone number is assigned to a cellular or mobile telephone service or other service for which the called party is charged and are representing that you are the regular user of provided number. You understand that you are not required to consent to receiving autodialed calls or texts as a condition of any reverse mortgage and/or purchasing any Company products or services. If you do not wish to authorize Company to contact you in this manner, you can call 888-277-1567 to complete your request. You understand that you can revoke this consent at any time.

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