Everything you need to know in order to retire in style!
Hampton, Gloucester, Newport News, Poquoson, Yorktown, Smithfield, and Williamsburg, Virginia

get savvy

Home Adult Children Choosing a Community Downsizing Great Articles Living Trusts Reverse Mortgages

Downsize / Sell / Simplify / Relax / All Things Possible with a Reverse Mortgage…

By: Bill Graves

“This house is killing me!”

“If only I didn’t have to go upstairs!”

“We want to move but can’t sell this place and get what we need!”

 

This is a “short-list” of many remarks I’ve heard from past clients.  All had issues with aging in place and their immediate environment becoming a challenge.  All used a Reverse Mortgage to make things “right” and relax.

 

A Reverse Mortgage is a FHA/HUD insured loan for folks over the age of 62.  It allows them to tap into the equity of their property.  They have no monthly payments, still own the home and can stay there for the rest of their life.

 

First let us look at the home that has become difficult to navigate or afford.

With the proceeds of the loan they paid off the mortgage balance.  They added a downstairs bedroom, walk in shower, ramp or whatever made getting around easy.  Maybe it was just getting an additional monthly check to pay for in home care, laundry, cleaning or yard work.  The bottom line is “life is good” now.

 

Secondly, relocation was the issue.  Moving to a retirement community, closer to the kids, closer to friends, closer to services but…we need to sell.  We need to get close to “top dollar”! 

 

With a Reverse Mortgage For Purchase they needed only 1/3 down for a new home.  The loan pays the balance and with the new “Saver Products” the closing cost were no different than that of a regular mortgage.  Oh yes, no monthly payments, no credit required, no income verification and it isn’t paid back until they die or sell.

 

They didn’t have to hold out for “top dollar” on the selling price, so it sold quickly.  They didn’t have to take anything out of their investment portfolio and in some cases actually were able to increase it. 

 

Mark Twain said on Life, “the first half consists of the capacity to enjoy without the chance, the second half consists of the chance without the capacity” … well maybe not.

Want more info?

TheSavvySeniorOnline.com was created as a resource for folks who are retiring to Williamsburg, VA and surrounding areas on the Virginia Peninsula and in the Historic Triangle.  You can search active adult communities, 55+ communities, age restricted communities, as well as homes for sale with first floor master bedrooms, or homes all one story or level.  We know where the best buys are for creating a maintenance free lifestyle!

The Liz Moore Senior Team understands the special needs of those who are downsizing, and we have a variety of resources to help you with auctions, estate sales, consignment, de-cluttering and every phase of getting your home ready to sell.  Be sure to ask us about our free e-book for seniors interested in downsizing!

You can reach us at 757-873-2707 in Newport News and 757-645-4106 in Williamsburg.  Just ask for the Liz Moore Senior Team!