You talked last month about Reverse Mortgages. This approach is very appealing to me. What kind of a down payment do you have to have on a reverse mortgage purchase?
Of all the articles I’ve written for the Kingston Community News and the North Kitsap Herald, the one in the May issue has made my phone ring the most with follow up questions.
In regard to your question, there is no pat answer. That is because the reverse mortgage loan down payment size varies. One of the factors is your age. There are reverse mortgage calculators online where you put in the price of the home, your age, etc., and it calculates the down payment for you.
But the best person to ask is an experienced Reverse mortgage loan officer. They know the rules inside and out. The one I have referred my clients to seems to really have a grip on this great programs. She was telling me about a client with this type of loan who supplemented her income with monthly payments from a reverse mortgage and got to stay her home for the rest of her life. That could help many senior citizens.
Let me know if you end up getting a reverse mortgage and how it works for you.
Jan Zufelt is a broker with John L Scott Real Estate in Kingston. She can be reached email@example.com.