How to Buy a Home in Orange County with a Reverse Mortgage

Question:

I am 68 years old and recently sold my home.  I had a lot of equity in my home and am now looking to downsize into another home.  How does a Reverse Mortgage purchase in Orange County work?

Answer:

Many seniors who have sold their home are looking for several things when purchasing another home such as:

• A more accessible home such as a single story
• Reducing their monthly expenses
• Lifestyle changes
• Save more money for retirement
• Downsizing their home
• Avoiding a monthly mortgage payment

When you purchase a Reverse Mortgage in California, there are several things you need to know.

• You must be 62 years or older
• Must live in the property
• You do retain title to your home
• Property taxes and homeowners insurance must be paid
• No monthly payments
• Non-recourse loan – FHA insures and guarantees that upon your death, your heirs will not have to pay more than the property is worth if the loan comes due. 

Contact a California Reverse Mortgage lender at Legacy Financial Services who can calculate how much down payment you will need and review your current situation.  For a free consultation CALL: 888-838-4768