I Moved Closer to Family
Stan was living in Tallahassee, Florida in the same home he raised his family in. His children are grown now and have families of their own in Tampa. Stan enjoys spending time with his grandkids, but the distance between them makes visits less frequent than he’d like. What’s more, keeping his house and property up to his high standards was becoming a little more taxing every year.
Stan decided to move closer to family, and a friend had told him that a reverse mortgage could be used to purchase a home too. It’s called a HECM for Purchase.
I bought my new home
with a reverse mortgage
He found a perfect first floor condo just a few miles from his kids for sale for $125,000. After selling his home in Tallahassee and paying off his mortgage balance he was left with $110,000. Using a reverse mortgage, Stan was able to purchase the condo with only $63,000 down using a reverse mortgage, leaving him $47,000 from the sale of his former home.
Stan’s enjoying his new condo, and eliminating a monthly mortgage payment has been helpful. But what Stan really likes is the additional time he’s able to spend with his growing family.
* Stories are hypothetical and for illustrative purposes only. Each client’s situation is different, so please consult your reverse mortgage expert.