|
Hello Everyone,
We hope this finds you well, especially following the extraordinary heat wave of the past few days. If you were not able to attend our June seminar - we missed you!
__________
Did you know that 64% of Americans will move in retirement?
Our June seminar explored how a mortgage in retirement can extend your financial resources, with an overview of current mortgage solutions designed specifically for borrowers aged 62+.
Our presenters were The Landis Group, Steve and Sheila Landis from Fairway Independent Mortgage Corporation.
As licensed mortgage originators with certifications in retirement lending, Steve and Sheila demonstrated years of experience by sharing numerous ideas to extend financial resources in retirement and enable home ownership while building in a contingency plan.
The session wrapped up with examples of how retirees are using home financing solutions to extend their retirement assets.
Attendees received an invitation to schedule a complementary consultation.
Useful resources:
Homeowners Guide
Homebuyer’s Guide
Bridge Loans
Extend the Life of Invested Assets by Incorporating Home Equity
VALUABLE HIGHLIGHTS
FINANCING A MOVE IN RETIREMENT
If you are planning to purchase a home as part of your retirement, you have choices when it comes to financing, even if you are no longer receiving regular employment income.
Retirement Income Loans
Qualify with income sources such as investments, pension or social security
Asset Based Loans
Qualify based on current assets and distributions; mortgage
payments are required.
Bridge Loans
Allow you to buy before you sell, tidy and stage your home, then list it for sale optimizing your selling price; mortgage payments are required.
Home Equity Conversion Mortgages (HECM)
An FHA insured mortgage loan offering safe access to a PORTION of home equity, to be used now or in the future; requires no monthly mortgage payment. Highlights:
- Age 62+ primary residence mortgage loan
- Borrower remains on the title; may sell at anytime
- All proceeds belong to the borrower or their heirs
- Draws from a HECM to supplement cash flow are equity advances NOT income and therefore are not taxable
- Mortgage payments optional for the life of the loan (property taxes, insurance, HOA and maintenance are the borrower’s responsibility)
- Non-recourse FHA insured – you can never owe more than the home’s current appraised value. Heirs can not be left with a debt
- Can provide a GROWING standby line of credit or monthly payments for the life of the loan, or a combination of the two
- May be used to purchase a home or refinance
_____________________________
TAKE AWAYS
-
Knowing your options takes the stress out of decisions.
- To explore your options, or just get questions answered, you are invited to schedule a complimentary consultation with our partners at Fairway:
| 
