A Tip for Homeowners Over Age 62


We’ve got a great tip for senior homeowners today. Have you ever heard of a reverse mortgage?

As promised, I want to discuss a few tips for any senior homeowners in the market to buy or sell a property in the near future. They will help you compete in this crazy market.

Last time, we discussed the increased number of sales from 2016. A big portion of those sales is coming from seniors who are looking to downsize. There is a lot of demand for homes like this, especially from first-time homebuyers. First-time homebuyers are a great demographic to attract for home sellers because they often have no home to sell contingencies, hence a big source of competition for seniors looking to downsize.

Even if you have had a previous bankruptcy or bad credit, you can still qualify for a reverse mortgage.

If you’re a senior that’s looking to sell your home and move to something a little smaller, you should consider a reverse mortgage. You can use a reverse mortgage to buy a new home before your current home is sold, then use the proceeds from the eventual sale to pay back the lender.  Even if you have had a previous bankruptcy or bad credit, you can still qualify for a reverse mortgage, which will eliminate the need to make a monthly mortgage payment. However, you do have to be age 62 or older.

Remember that if you’re thinking about selling, you become a buyer just as soon as you become a seller. If you’re thinking of buying a home in the near future or have any other questions for me, don’t hesitate to give me a call or send me an email. I look forward to hearing from you.

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