Real Estate 101: By the agent who lives here, plays here, owns here!
Are you 62 or older? Want to get rid of your mortgage? A reserve mortgage can help you pay off your house OR buy a new house. For instance, if you live in a home that is valued at $200,000, you owe $75,000, you can qualify for a reverse mortgage, payoff your existing loan and walk with $45,000! OR, you can sell your home ($200,000), take the $125,000 as a down payment on a new $300,000 home with NO MORTGAGE! These products are intended to assist seniors in relocating to a low maintenance property, smaller acreage, townhome, etc., whatever may make your life more comfortable! At the end of the loan, if your property is worth less than the mortgage HUD takes title, if there is equity your estate inherits the difference! These are truly amazing loans that can help upgrade / update your current household, while having a positive impact on your monthly net income. Below is a link to the HUD website, as always we are here to answer any questions!
We are excited to provide for you this weekly column. Please call if you have any questions or would like more information:
Rebecca Guthrie, Broker / Owner (970) 485-4141, [email protected]
