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The Reverse Mortgage: Exciting Options for Seniors

Thursday Mar 17, 2016
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The Reverse-to-Purchase Loan (Reverse Mortgage) was established in 1961, as a unique way to help a widowed wife in Portland, Maine keep her home...

Well, times have changed since then, but the Reverse Mortgage’s use over the decades has proven to be very helpful to many Seniors, age 62 and older...

Now, this loan program has been modified for Seniors who have recently sold their home, and want to down size, or move to a more desirable location. With this loan instrument, the Senior (instead of paying cash for the entire purchase of the new home) can put down between 40% and 50% (depending on their age) and still never have a mortgage payment. For example, if a Senior has sold their home and they have $300,000 to buy a new home. They can pay cash for a new $300,000 home, or they can put down $150,000 and keep the extra $150,000 to invest and never have a mortgage payment. They can also buy a $400,000 home put $200,000 down and save the extra $100,000 to invest. So with the Reverse-to-Purchase mortgage, the Senior can buy much more home and still have the option to keep some cash. Indigo Mortgage is in the process of three (3) Reverse-to-Purchase loans and our clients are extremely happy with this program.

When choosing this option, Seniors are well-advised to set an appointment with a Local Reverse Mortgage Lender, like Indigo Mortgage. We encourage Seniors to stay local when considering any reverse mortgage, due the complicated details of this loan program. Of course, after the initial local consultation, Federal Guidelines state that the Senior still must still complete a Reverse Mortgage Counseling Session by an unaffiliated third party counselor. Let the loan experts at Indigo Mortgage show you the way! Indigo Mortgage—because nobody cares more about your Mortgage Loan.

Indigo Mortgage is a locally owned and operated company, serving homebuyers in Albuquerque, Rio Rancho, Santa Fe and all across New Mexico. For questions about selecting a mortgage lender, contact Indigo Mortgage in Albuquerque at (505) 836-5700. Indigo Mortgage offers five mortgage divisions including Residential, VA Loans, Reverse Mortgages, Construction and Commercial. They are licensed by the Nationwide Mortgage Licensing System (NMLS #188348), and can provide loans anywhere in New Mexico.

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