Reverse-to-Purchase Mortgage Opens Home Investing

TWG Episode 10:

If you’re a homeowner thinking you want to sell your Fort Lauderdale home, what if you had more options than just selling and moving? That’s the typical process. But today, Baby Boomer homeowners have options. One popular choice is the reverse-to-purchase mortgage.

The ability to sell your house at these record high prices is unmatched in history. What we’re seeing in Fort Lauderdale, Coral Ridge Country Club, Imperial Point, Pompano Beach and Wilton Manors is buyers who are looking for novel options to maximize their futures.

In this episode of my YouTube Channel, Tuesdays with Gary, we explore the reverse-to-mortgage option for homeowners with significant equity in their homes.

What if you didn’t sell your home. But you took a mortgage on the property and could take half of those proceeds and reinvest them in another property – and use the balance for living? Here’s how a reverse-to-purchase mortgage could work for you…

Imagine you live and have significant or near total equity in a $2 million property. If you hope to downsize and identify a $1 million property for purchase, you could take out a reverse mortgage for half the value of your home and take those proceeds and invest it in the next property.

The beauty of the traditional reverse mortgage is that you have no mortgage payments (beyond taxes and insurance that every property owner must pay).

The idea is to put your equity to work for you. You’re able to buy the perfect home for your life’s next stage – a property that’s a little smaller and more befitting your needs. You’ll also create a retirement plan that many Boomers can only dream of achieving.

If you’ve outgrown your home, but you have significant equity, let’s talk. You could find the next home of your dreams – without having to come up with much if anything to make it your own.

Let’s talk. We could get you started on the next phase of your life.

Gary Lanham is team leader for the Gary Lanham Group at Coldwell Banker Real Estate Fort Lauderdale Beach Office. To learn more, visit instagram.com/garylanhamgroup or call 954-695- 6518.