Reverse Mortgage Down Payment Required

If you are considering buying an Ocean Hills home using a reverse mortgage, you may want to know how much down-payment is required.  The answer isn’t always simple and depends on your age or the age of your spouse, whichever is younger.  See table below.

Approximate down payment based on age.

HEMC Reverse Mortgage Chart

HECM for purchase financing can make it easier and more affordable for Ocean Hills Country Club buyers 62 and older.  They can buy an Ocean Hills home that better fits their lifestyle, without ever having to make a monthly mortgage payment.  The chart above shows hypothetical  examples of the down payment required with this type of mortgage option.

If you have ever considered a reverse mortgage, I have several different lenders that I could refer to you that are knowledgeable in the area.

Contact Gary Harmon, your Seniors Real Estate Specialist.

Retirement Home Ownership in Ocean Hills

Owning an Ocean Hills home that meets your retirement needs is an important consideration in securing your lifestyle and security during your golden years. Developing a sustainable plan that covers your living expenses, including mortgage payments, with income is a critical part or your retirement planning. There are financial options available to you that will support your lifestyle with adequate income, while preserving your home’s equity and your savings. Most seniors want to remain in their Ocean Hills home for safety, security and stability indefinitely or as long as possible. But some people live longer and assisted living options may become necessary. Developing a financial plan that protects one’s home equity and savings provides greater flexibility to address future contingencies.

Tennis Courts - Photo by Gary Harmon

Tennis Courts – Photo by Gary Harmon

That is why I work with helpful lenders like Craig Laursen.  Craig is a knowledgeable and experienced mortgage loan professional committed to helping clients make wise decisions affecting their pre- and post-retirement years.  He works with estate planners, financial advisors,counselors and other real estate professionals to support you. He am familiar with and offer borrowers a variety of mortgage loan products and programs that can help you to minimize your housing expenses while protecting your home’s equity.

My goal is to be part of your retirement planning team to help you execute your retirement plans that involve home ownership and mortgage decisions.  Craig Laursen and I am here to help.  Craig works for W.J. Bradley Mortgage Capital, LLC.  For real estate information in Ocean Hills Country Club including listings of Ocean Hills homes, contact Gary Harmon.

Sales Sizzle

I seldom cry “wolf,” but now I am crying “WOLF.”  Last Saturday I showed 7 Ocean Hills homes to out of town clients.  By this Wednesday 4 of the 7 Ocean Hills homes were in escrow.  The market for Ocean Hills Country Club homes has really taken off in the last few months and especially in the last week.  With the brisk sales of Ocean Hills homes,  inventory has decreased to about 25 homes.  This is compared to over 50 homes at the same time in the previous two years.  Prices in San Diego North County have also been increasing.  According to the San Diego North County of Realtors, April 2012 showed over a 2% increaseIf you have been waiting to buy, get off the fence and into the game.  Don’t be like the sad couple who missed out (See below).   Contact Gary Harmon today.

All original content by Gary Harmon.