{"id":245,"date":"2012-04-04T12:43:45","date_gmt":"2012-04-04T19:43:45","guid":{"rendered":"http:\/\/7148484549.swiftwebdesigner.com\/?page_id=245"},"modified":"2012-04-04T12:43:45","modified_gmt":"2012-04-04T19:43:45","slug":"purchase-a-home","status":"publish","type":"page","link":"https:\/\/ocreverse.com\/webadmin\/purchase-a-home","title":{"rendered":"Purchase a Home"},"content":{"rendered":"

Reverse Mortgage for Purchase Transactions<\/span><\/p>\n

EXAMPLE:<\/span><\/p>\n

Mr. and Mrs. Johnson (both are 75 years of age) want to sell Home A and purchase Home B.<\/span><\/p>\n

Home A is a large home that served them well in raising their children, but is now too large for their needs, and a lot more work to maintain than they desire. Home B is a smaller but newer home in a country club and golf development. This home will be more expensive, but much better fit for their lifestyle with amenities and maintenance being taken care of by the association.<\/span><\/p>\n

Home A: Net proceeds:\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 $550,000.00<\/span><\/p>\n

Home B: Purchase Price:\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0$725,000.00<\/span><\/span><\/p>\n

Deficit:\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 ($175,000.00)<\/span><\/p>\n

Mr. and Mrs. Johnson are not willing or able to take on a new regular mortgage. The solution to this dilemma becomes clear:<\/span><\/p>\n

Combine the proceeds from the sale of Home A with a Reverse Mortgage and see what happens:<\/span>
\nProceeds from House A:\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 $550,000.00<\/span><\/p>\n

Combined with Reverse Mortgage Funds:\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0$175,000.00<\/span><\/span><\/p>\n

Purchase Price\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 $725,000.00<\/span><\/p>\n

Mr. and Mrs. Homeowner can now purchase this home priced at $725,000.00 with\u00a0NO MORTGAGE PAYMENT.<\/span><\/span><\/p>\n

In addition to the funds available used for the down payment of the new home, Mr. and Mrs. Johnson will have\u00a0 a credit line available from\u00a0$67,734 to $162,500<\/span>, depending on the program they choose!**<\/span>\u00a0They can use these funds to pay their property taxes, improve the new home, or anything else they desire, all with\u00a0NO MORTGAGE PAYMENT!<\/span>\u00a0In fact, any unused funds will remain available, and GROW at 5.00 to 5.72% each year!<\/span><\/p>\n

**The amount of funds they are eligible for in a reverse mortgage is calculated using their ages (75), the value of the NEW home, and the current interest rates. The current initial interest rates on 9-3-2007 were 5.16% for a HECM, to 8.41% for a Jumbo Cash Account. The closing costs on a reverse mortgage are rolled into the loan- so very little out of pocket costs are involved. A home inspection and appraisal are common.<\/span><\/p>\n

To get a personalized quote from a\u00a0Certified Mortgage Planning Specialist<\/span><\/em>, please call us at 800-216-6322, or e-mail us at\u00a0Bill@morningstarmortgage.com<\/span><\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Reverse Mortgage for Purchase Transactions EXAMPLE: Mr. and Mrs. Johnson (both are 75 years of age) want to sell Home A and purchase Home B. Home A is a large home that served them well in raising their children, but is now too large for their needs, and a lot more work to maintain than …<\/p>\n

Purchase a Home<\/span> Read More »<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"open","ping_status":"open","template":"","meta":{"_mi_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"site-sidebar-layout":"default","site-content-layout":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":""},"_links":{"self":[{"href":"https:\/\/ocreverse.com\/webadmin\/wp-json\/wp\/v2\/pages\/245"}],"collection":[{"href":"https:\/\/ocreverse.com\/webadmin\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/ocreverse.com\/webadmin\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/ocreverse.com\/webadmin\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ocreverse.com\/webadmin\/wp-json\/wp\/v2\/comments?post=245"}],"version-history":[{"count":0,"href":"https:\/\/ocreverse.com\/webadmin\/wp-json\/wp\/v2\/pages\/245\/revisions"}],"wp:attachment":[{"href":"https:\/\/ocreverse.com\/webadmin\/wp-json\/wp\/v2\/media?parent=245"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}