Issue 34.16
A few years ago a local Realtor referred a special client to me. She had been diagnosed with stage four cancer and thanks to aggressive treatment, was in remission. She owned a comfortable, small home but needed more space, wanted to be closer to the hospital for treatments and, uncertain of her life expectancy, wanted to live in a nicer home for the rest of her life.
The first time we met she talked about her life, about why she loves living in St. George and about her challenges with her cancer. Her Realtor and I listened carefully as she explained to us how she wanted to live the rest of her life. It was clear that having lived with cancer she had given this a great deal of thought. We reviewed several options with her and together concluded that purchasing a new home using a HECM mortgage was her best option. We were able to nearly double the home she could afford. It took a few months and a lot of effort to make it happen but she now lives in a beautiful home that better meets her needs. Her house is located in an upscale neighborhood near medical facilities. She couldn’t be happier. Helping her get into a substantially nicer home was very rewarding. Even more rewarding, we became good friends in the process.
Since then, I’ve helped many people buy larger or nicer homes than they currently own without the burden of making a mortgage payment. This is one of the great benefits of senior financing.
Senior homeowners may not be aware that if you own your home with a small mortgage or no mortgage at all, you can leverage your equity to purchase a home that better meets your needs without making any mortgage payments. In most cases homeowners can purchase a home valued at nearly twice the equity in their current home. Seniors in their 70s and 80s can purchase more than double the amount of equity in their current home.
If you want to see how you can live in a much nicer home that better meets your needs with no mortgage payment, give me a call at 435-669-0009. I’ll listen to you and give you sound advice on the best home loan for you.
Our experienced loan specialists at Veritas Funding understand ALL home loan products and have specialized in HECM loans since 2006. We don’t just understand financing; we take the time to understand YOU.