We have helped folks in Marble Falls, Burnett, Kingsland, and San Antonio with a fairly new Texas approved Reverse Mortgage Loan called Reverse Mortgage for Purchase. This loan allows seniors to buy a home and put a reverse mortgage loan on the home at the time of purchase. This program allows the homeowners to pay only ONE SET OF ClOSING COSTS!!! This program saves people all over the state of Texas thousands of dollars.
In Kingsland there is a couple that had $120,000 to pay cash for a home, but they had little retirement savings. We helped them with a Reverse Mortgage Loan for Purchase, which allowed them to buy a $200,000 home, putting $85,000 down and pocket $35,000 in savings for the future.
They were able to buy more home, put less down, and no monthly payments on the principle or interest of the loan was required.
If you are considering moving into a smaller home, you should talk to us about a Reverse Mortgage Loan for Purchase. This may be a wonderful fit for you.