Downsizing in retirement is not a new concept. However, the rise in popularity of tiny homes is adding a unique twist to the goal. In pursuit of simplicity and flexibility, and sometimes by necessity, a growing number of seniors are using small, often portable residences to be closer to family and enjoying the added freedom that they can provide.
A Home Equity Conversion Mortgage (Reverse Mortgage) insured by FHA** is an important financial option that lets homeowners age 62 and older tap into the equity they've built in their homes and receive loan proceeds they can use for a variety of needs. This mortgage has helped many seniors reach financial security and offer peace of mind. While we are not FICO driven, we still have some credit requirements. This product comes in fixed rates and variables. Borrowers will maintain homeownership and continue to be on title. (must comply with the terms of the mortgage)
Here are some examples and reasons seniors apply for this product:
- Fund in-home care
- Pay for medical expenses
- Home upgrades or repairs
- Supplement income with monthly installments
* PAY only your property taxes, home owner's insurance and HOA dues** Open Mortgage, LLC is not acting on behalf of or at the direction of the federal government
FHA Reverse Mortgage is a non-recourse loan, regulated and safe. Contact me to find out the truth about Reverse Mortgages.
What’s a home buyer to do when interest rates rise? It’s a question many are considering as the market recovers from the long period of historically low rates following the financial crisis of 2008. With rates rising, buyers worry about getting a bad deal, and what that could mean for long-term financial stability.
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