Reverse mortgages can be used for any purpose, including a condo purchase by Charles E. Milder
Reverse mortgages can be used for any purpose, including a condo purchase. The reverse mortgage could provide the funds needed for an all-cash purchase or the proceeds of the reverse mortgage could serve as the down payment to obtain traditional financing. After purchase, the condo could then become a vacation property for a retiree or a source of income.
Home ownership rates are down as a result of the housing crisis and rental rates are rising in almost every market.
Many condo sellers will be trying to find a buyer at almost any price, offering bargains to investors. Many tenants will be looking for housing. The combination offers potential rewards to those looking at innovative strategies to boost their retirement income and the reverse mortgage could offer an innovative financing solution to make the investment possible.
