CONTACT:
We serve Seniors Right-Sizing into a new Home
It's a familiar situation...
...SENIORS SELLING THEIR HOME IN ORDER TO MOVE CLOSER TO FAMILY OR MEDICAL SERVICES.
A senior couple has decided they need to relocate into a home that's (1) closer to their grandchildren (2) closer to medical services (3) smaller with less acreage to care for or (4) built on a single story (in other words - has no stairs that must be climbed). They're selling their exisiting home and looking for a new one, but the sticker shock of purchasing a new home after all of these years of living where they've been is hard to accept. Commonly, the goal is to purchase as much home as possible, while retaining as much of the proceeds from the sale of their existing home as they can. But that's leaving them with limited choices and not much left over when they're done.
...SENIORS THINKING PAYING CASH IS THE ONLY WAY TO PURCHASE AND NOT HAVE A MORTGAGE PAYMENT.
The scenario is also familiar. A couple sells their existing home with a plan to purchase a new one thinking they'll be able to pay cash for a home, have no mortgage payment, and be able to keep a significant portion of the proceeds from the sale of their existing home. Unfortunately, they're faced with the "sticker-shock" of homes being more expensive than they expected. The home they want to purchase is too expensive requiring that they use most or all of the proceeds from the sale of their existing home. That's where a Reverse Mortgage or HECM for Purchase comes into play. Working with a knowledgable realtor, we can help purchase the home using a Reverse Mortgage for significantly less cash than a cash purchase and still have the retirement home of their dreams without a mortgage payment.
...SENIORS THINKING A CONVENTIONAL MORTGAGE IS AUTOMATICALLY LESS EXPENSIVE
Seniors commonly make a mistake in evaluating the cost of a Reverse Mortgage vs a Conventional Mortgage. They only compare the closing costs for the loan. In many instances, a closer evaluation of the cost of ownership over the first 5-10 years of the home will reveal that a Conventional Mortgage can commonly carry a significantly higher out-of-pocket expense as compared to a Reverse Mortgage. If you're interested in understanding the difference in cost, schedule a free mortgage loan consultation with us, and we'll show you why a Reverse Mortgage may be less expensive.
For the loans presented we are a Mortgage Broker only, not a mortgage lender or mortgage correspondent lender. We will arrange loans with third-party providers but do not fund the loans directly. We will not make mortgage loan commitments for these loans..²There are some circumstances that will cause the loan to mature and the balance to become due and payable. The borrower is still responsible for paying property taxes, homeowner’s insurance and maintaining the property to HUD standards. Failure to do so could make the loan due and payable. Credit is subject to age, income standards, credit history, and property qualifications. Loan rates, fees, terms, and conditions are not available in all states and subject to change.³Borrowers should seek professional tax advice regarding reverse mortgage proceeds. *Borrowers must continue to pay property taxes, homeowner’s insurance, and home maintenance costs.
Contact us today for your FREE reverse mortgage loan consultation.
This material is not provided by, nor was it approved by the Department of Housing & Urban Development (HUD) or by the Federal Housing Administration (FHA). It is not intended to be a substitute for legal, tax or financial advice. Consult with a qualified attorney, accountant or financial advisor for additional legal or tax advice.
*There are some circumstances that will cause the loan to mature and the balance to become due and payable. The borrower(s) must continue to pay for property taxes and insurance and maintain the property to meet HUD standards or risk default. Credit is subject to age, minimum income guidelines, credit history, and property qualifications. Program rates, fees, terms and conditions are not available in all states and subject to change.
Retirement Mortgage Specialists
Kenny Hawthorne
NMLS #1647665
Ken Kennedy
NMLS #1627908
Branch Location:
605 S Orchid
White Oak, TX 75693
Phone: 903-235-7114
Powered by OC Home Loans, Inc
NMLS: 1842513
This licensee is performing acts for which a mortgage company license is required. OC Home Loans, Inc., is licensed by the Texas Department of Savings and mortgage Lending, NMLS: 1842513. Loan approval is not guaranteed and is subject to lender review of information. All loan approvals are conditional and all conditions must be met by borrower. Loan is only approved when lender has issued approval in writing and is subject to the Lender conditions. Specified rates may not be available for all borrowers. Rate subject to change with market conditions. K2--Financial, LLC is an Equal Opportunity Mortgage Broker/Lender. The services referred to herein are not available to persons located outside the state of Texas.
Corporate Address: 24302 Del Prado Suite B Dana Point, California 92629
Complaint/Recovery Fund Notice: (https://www.sml.texas.gov/wp-content/uploads/2021/07/rmlo_80_200_b_recovery_fund_notice.pdf)
Tyler, Longview, East Texas, Texas
© 2023. All rights reserved.