If you're like many new retirees, you may be eager to downsize from the home in which you raised your family and move to a smaller place that requires less upkeep. Purchasing your retirement home can be an exciting process, especially if you have enough equity in your current home to afford to live in a community with more amenities than your current neighborhood. However, the prospect of taking out a mortgage in retirement may give you pause, especially if you're not sure how long your current home will sit on the market after you purchase your next one.
Fortunately, you may have some options you hadn't previously considered. Read on to learn more about some of the unique advantages that can come from using a home-equity conversion mortgage (HECM), or reverse mortgage, to purchase your retirement home.
Give Dan a call at 831-423-2900 with any of your reverse mortgage questions or to learn more about purchasing your next home with a home equity conversion loan.