Reverse Mortgage | Did You Know You Can Purchase A Home With A Reverse Mortgage?

hey this is Chris Trapani the mortgage Pro you know the older I get the more I get people asking me Chris what about a reverse mortgage well did you know that if you're buying a home if you're over 62 and you have some cash you can buy a home with a reverse mortgage let me give you a perfect example I did a reverse mortgage for this client about six months ago she sold her home for three hundred and fifty thousand dollars net in her pocket after everything was done she wanted to live near her grandchildren now where her grandchildren lived it was gonna cost four hundred and fifty thousand dollars for her to buy a house she's short a hundred thousand dollars what do we do here's what I actually worked out based on her age based on the money she had I worked it out so that she put two hundred thousand dollars into the purchase she still had a hundred and fifty thousand dollars sitting in her pocket she bought a four hundred and eighty thousand dollar house and guess what no mortgage payments so she had a hundred and fifty grand left she has no mortgage payments and she still has to pay the taxes and the property insurance but she gets to live near her grandchildren what an awesome incredible deal sometimes a reverse mortgage purchase is right for you