Buying a home with a reverse mortgage, the scoop.

"You can't take it with you", so why not make some amazing memories with the extra money that would be freed up while you have a reverse mortgage!  

A loan that pays you!  

At some point in your life you may decide to take advantage of your ability to buy a home using a reverse mortgage.  If you are at that stage and would like to hear more about this wonderful financial vehicle, please call Nicky Mooney, Keller Williams Realty Cell #508 566 6560.  click here, www.capecodhomehunter.kwrealty.com/buy

There are a number of misconceptions about using a reverse mortgage and usually the people most wary of you pursuing a reverse mortgage are the heirs to your estate.  I would be happy to remove some of the doubt and skepticism about this type of mortgage.

This type of mortgage is available to anyone that is over 62 years of age.  Although taxes and insurance are still to be paid, you will not ever make a payment on your mortgage.  The more mature you are, the lower down payment that will be required.  This type of mortgage is only available for a primary residence.

One of the main concerns for using a reverse mortgage is of course, what happens when you pass away.  At the time of passing, the note is called due.  The heirs do own the property and any equity in the property would go to them.  A nice safety net for the heirs is also the fact that, if the loan is upside down, the heirs are NOT responsible for repaying this debt.  Reverse mortgages are FHA approved loans, so the government will absorb the loss if that were the case.

Another point of interest regarding reverse mortgages, is that the closing costs for this type of loan are no much lower than they used to be.  You still own the house in this situation, and if you decided that you would like to sell a year down the line, you are entitled to do so.  Please call me if you would like to know more about reverse mortgages.  Nicky Mooney, Realtor, Keller Williams Realty Cell#508 566 6560.