“Using a Reverse Mortgage to Buy”

   “Using a Reverse Mortgage to Buy”

 

 

 

 

When we were last together, we discussed the Reverse Mortgages to some extent.  Since that meeting, I’ve given considerable thought as to how that mortgage might work out for my sister, if she were to purchase a new home I building.  Presently, she has a home that has no mortgage, but is no longer a good fit for her. The home just has too many stairs and what I am building is all on one level and would be maintenance free.  In any case, it would be a perfect fit for her!  I could probably finish the house in 3 months or so. Can you please suggest a good time for us to meet?

Thank you very much,

Mark

 

I have worked with this builder for many years and at least once a year we get together to discuss what is currently going on in both of our businesses and any future plans.

 

He is currently building a 55 and older community. We discussed using reverse mortgages as a strategy to sell homes. His mind is always working, so he must have brought up the topic with his sister and another prospective buyer I have heard from since.

 

Using reverse mortgages to buy a home really works to assist certain clients over the age of 62.

 

Reverse mortgages are an FHA product, yet keep in mind the complex does not have to be FHA approved if the units are NOT attached.  

 

Subscribe to my blog via Email:

 

Enter your email address:

Delivered by FeedBurner

 

Joe Petrowsky, NMLS #6869

Right Trac Financial Group, Inc. NMLS #2709

110 Main St.

Manchester, Ct. 06042

Office: 860 647-7701 x116

Fax: 860 647-8940

Cell: 860 836-9294

Email: joe@righttracfg.com

www.righttracfg.com

www.joepetrowsky.com

Like me on facebookfollow me on twitterConnect with me on linkedin

Joe Petrowsky does not guarantee nor is in any way responsible for the accuracy of the information provided herein, and provides said information without warranties of any kind, either expressed or implied.

Equal Housing Statement: We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. We encourage and support an affirmative advertising and marketing program in which there are no barriers to obtaining housing becuase of race, color, religion, sex, handicap, familial status, or national origin.

Comment balloon 5 commentsJoe Petrowsky • November 30 2018 06:48PM
“Using a Reverse Mortgage to Buy”
share
“Using a Reverse Mortgage to Buy” When we were last together, we discussed the Reverse Mortgages to some extent. Since that meeting, I’ve given considerable thought as to how that mortgage might work out for my sister, if she were to… more
“Buying & Selling or Selling & Buying? ”
share
“Buying & Selling or Selling & Buying? ” I wish I have listened when you recommended that I get our home on the market even before I found a home to buy. Unfortunately we took advice from the wrong person. As you know we lost the… more
“I’m Sure Many Teachers have Asked”
share
“I’m Sure Many Teachers have Asked” Have you ever been guilty of looking at others your own age and thinking, "Surely I can't look that old! " Well… you'll love this one. My name is Alice, and I was sitting in the waiting room… more
“No Need to Pay any Closing Costs”
share
“No Need to Pay any Closing Costs” Joe, I thought I was hearing things, when you told me to contact the bank where we do our banking. I did contact them and told them of your recommendation. They also told me that you refer home equity… more
“Exchanging One Debt for Another”
share
“Exchanging One Debt for Another” Hi Joe - We are making progress on getting my numbers they need to be. I should have everything in place by end of December. My question is my lease is coming up and I need to get a new vehicle. Will… more
“Making a Pre-Qualification Work”
share
“Making a Pre-Qualification Work” Hi Joe, Hope all is well with you! Wanted to let you know the truck will officially be out of Lawrence's name this week. What does he need to do to get a pre-qualification letter? We are going to look at… more
“Get Your Monthly Payment Just Right”
share
“Get Your Monthly Payment Just Right” Joe, I wanted to reach out to you and give you an update and ask a question. When we first talked, I was a bit liberal when it came to what our combined annual gross salary was… more
“Making sure each Client Receives the Best Service”
share
“Making sure each Client Receives the Best Service” Thank you for the referral Joe. I spoke to each of them. When I mentioned your name, it was like they were willing to drop what they were doing to make sure I was taken care of. I can’t… more
“No Pressure at all! ”
share
“No Pressure at all! ” Dear Mr. Petrowsky, After your name was given to me three times, I figured I better call you. Each person who referred you knows how nervous I am about the home buying process. The main reason for my nervousness was… more
“Zillow Mortgage, Really? ”
share
“Zillow Mortgage, Really? ” I can’t believe how stupid we were. You had done a pre-qualification letter for us a few months ago, unfortunately we lost our way. We ended up putting a deposit on a home we found on Zillow and clicked on.. more