“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,
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.
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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
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.
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