One of the biggest issues for seniors when retiring is being able to afford all they want or need on a limited income. After all this is supposed to be a seniors's golden years. Many seniors want to downsize their piece of Novi real estate. The may live in a large colonial home and need to have the laundry room on the main floor. They may have a mortgage payment on the Novi colonial home and do not want one on their next home.
There are is another alternative for senior home buyers. To qualify for this program you have to be over 62 years old. Very few seniors and buyers know about this, but it has many advantages for seniors who are looking for cash flow.
The trend for some seniors that want to upgrade their home, preserve cash, and have no mortgage payment is to buy a home with a reverse mortgage. The downside of a reverse mortgage purchase program is that the buyer has to have 50% of the purchase price. But let's say a Novi home owner just sold their $300,000 colonial home and has walked away with $180,0000 after paying off the mortgage. They have been looking at Novi condos and ranch homes for $200,000 but there is not much out there that is nice in that price range in Novi or any western Oakland County home. So what are the options for senior? A smaller home? An apartment? You want the laundry room on the main floor.
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One option is to buy a home with a reverse mortgage. I'll bet you know anything about buying a home with a reverse mortgage. With that $180,000 down payment you have the ability to buy a condo up to $360,000. That opens up a wide variety of Novi homes and condos to look at. The bonus is also that you will never have a house payment again. Yes you heard me right. All you have to make is the taxes, insurance, and home owner's association payments. You will be mortgage free for the rest of your life. Or until you sell the home. Yes you still own the home and your heirs or estate own the home.
There are many benefits of using a reverse mortgage when buying a Novi home. Wouldn't you like a no house payments for the rest of your life. There are many misconceptions about reverse mortgages. A reverse mortgage is a FHA/HUD loan? I do not know everything about mortgages but I know a local mortgage expert that does. Give Ken Krajewski a call on his cell (248) 635-4866 to ask questions or schedule a sit down meeting. I believe it is a great program for seniors that want to preserve cash flow and yet live in a nice home. Who wants a mortgage when they have retired. It even works if you live in an existing home. Give Ken a call. It may or may not be the best option for you, but explore your options of your best financial move.
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Or you could even buy a Lakefront home for sale in Commerce Michigan with a reverse mortgage if you love the water. You have worked hard your whole life it's now time to enjoy all the years you have left. Have you ever checked out any of our local lakes like Cedar Island Lake in White Lake Township? We have so many great lakes within a hour of metro Detroit. For more information about other local real estate click here
