After retiring several years ago, you relocated from Nevada to Indiana to be closer to family members. At the time, you made the decision to rent an in an upscale apartment community, choosing not to rush into a real estate purchase. As a widow, you needed time to get settled into your new location.
Now, however, you’re considering becoming a homeowner again, with fewer restrictions about outdoor cooking and more space to entertain. Within your growing circle of friends are a couple of Master Gardeners, and you’re considering getting back into growing your own produce again and experimenting with gorgeous flower varieties.
Both your children, who are now within short distance are doing quite well financially and are not currently in need of your help, although you have been making meaningful gifts to the grandchildren. As you choose a home, it will be with an eye to aging in place”. Since, despite the fact that Indiana home prices have been on the rise, everything is far less expensive here than our West, and you have enough money to make a substantial down payment; the rent you’ve been paying will certainly suffice to make monthly mortgage payments* and keep up with the maintenance. (Understanding that some adaptations may be needed for comfort and safety as you age, you are going to consider only ranch and one-story homes that have been kept in excellent condition.)
In acquiring your “forever home”, consider financing the transaction through a reverse mortgage HECM for Purchase. This would allow you to purchase the home (at your age, a down payment of approximately 60% of the purchase price would be required, with the balance being financed and no monthly mortgage payments* ever being required). In fact, the dollars you now use to pay apartment rent could be used, going forward, for your own lifestyle needs.
You’ve gone from owning to renting; now, with the help of a reverse mortgage, you could complete the cycle, making your new home a garden showplace.
https://mutualreverse.com/david-garrison
Readers, if you’d like to see what you might qualify for with a reverse mortgage in Indiana, or to download your Reverse Mortgage Guide Click Here (and scroll down).
*Borrower must occupy home as primary residence and remain current on property taxes, homeowner’s insurance, the costs of home maintenance, and any HOA fees. **Please consult a tax specialist. David Garrison, NMLS ID 1595194. Mutual of Omaha Mortgage, Inc. dba Mutual of Omaha Reverse Mortgage, NMLS ID 1025894. 3131 Camino Del Rio N 1100, San Diego, CA 92108. Indiana-DFI Mortgage Lending License 43321. Michigan 1st Mortgage Broker/Lender/Servicer Registrant FR0022702. These materials are not from HUD or FHA and the document was not approved by HUD, FHA or any Government Agency. Subject to credit approval. For licensing information, go to: www.nmlsconsumeraccess.orgEqual Housing Lender