Event Description

Reverse Mortgage (HECM) Purchase Scenario

A 76 year old man would like to sell his home to downsize to a smaller home but doesn’t want to incur a new monthly payment.  The normal solution would be to take the proceeds or his current home sale and use it all to pay cash for a new home.  Instead of using all of the proceeds from the sale, he could use the Reverse Mortgage.  For example:

Proceeds from sale - $300,000

Purchase price of new home - $250,000

Appraised value of new home - $250,000

The borrower could use the Reverse Mortgage to finance approximately $150,000 of the purchase price. He would need approximately $100,000 for a down payment and closing costs.  RESULT-Borrower buys new home, has no monthly payments and has $200,000 left in his pocket.

Click Here to see Details of Class.

Time:  9:00 AM - 12:00 PM

Format:  Live Class, 3 Hours of Real Estate Specialty Credits

Instructor:  Eric Rittmeyer, Certified Reverse Mortgage Professional

Cost:

Education Passport Members:  Free

Non-Education Passport Members:  $20.00

Non-Members:  $30.00

Registration

Click Here to Register