The reverse mortgage purchase market is definitely heating up, especially in California, Nevada, Oregon
Purchase your Dream Home with
Reverse Mortgage Strategy
Washington, Arizona and Florida. Reverse Mortgages have become a popular option for financing a new home since qualification is easy and there are no mortgage payments to make. But in this hot real estate market, where multiple offers are being presented, including cash offers, it's time to look at another strategy to get the home you want.
Cash is king and that cash offer may be accepted over your offer with reverse mortgage financing. Face it, reverse mortgages often give uninformed people an immediate negative impression. They just don't understand them and hear those news pieces that are flat out incorrect. I realize we can't change opinions of those who really aren't interested in learning. The seller who is deciding what offer to accept just likes the cash offer, plan an simple.
If you can drum up cash, from the sale of your existing residence or investment accounts, you may be able to get that dream home after all. After your cash offer is accepted, simply refinance to the reverse mortgage! As long as occupancy can be established and you can document all of the funds that went into the purchase, whether from your IRA, 401k, savings account, mutual fund, CD, sale of assets or a gift you should be able to get the HECM reverse mortgage and get a large portion of that cash back.
Before you consider this option, it is important to consult with me to assure there is nothing that would prevent your refinance to the reverse mortgage. Click here to learn more about reverse mortgage for home purchase and get an estimate of down payment requirement.