HOW TO BUY A CONDOMINIUM WITH A REVERSE MORTGAGE?

When you hear the words “Reverse Mortgage,” what’s your reaction? If you have any reservations, I invite you to explore my book, “Retirement Solutions for Smart People. How to Accomplish Financial Comfort”. It shares inspiring stories of clients who achieved financial comfort in retirement, often by leveraging the equity in their homes.

Interestingly, my first reverse mortgage clients were buyers, not homeowners. Many people overlook the potential of reverse mortgages for “rightsizing” – a concept that’s evolved from traditional “downsizing.” When selling a larger home, it can make sense to purchase a smaller condominium. While some may have enough cash for the purchase, others might find it more practical to use a reverse mortgage, preserving their cash for future needs.  Alternatively, buyers can purchase with cash and establish a reverse mortgage line of credit later.

For a deeper dive into this topic, you can watch my discussion with Brad Byrnes from Finance of America Reverse.

For personalized assistance, call me: (415) 225-7920, or send me an email to: [email protected]

Best wishes,

Manny Kagan,
President,
Pacific Bay Financial Corporation
Your professional mortgage broker since 1983

NMLS #205637
DRE #00874630