Your opinion on using a reverse mortgage to purchase a new property
Hello Terry! I’m 70, retired, and would like to sell my condo and purchase another. The lender I’m working with suggested that using a reverse mortgage would be one option for financing the new purchase. She did explain this process to me and I think I have a good understanding of it, but I’d love to have your opinion! What all do I need to consider? Thank you so much for your time!
Terry Says
That’s tricky, because of the fees involved in the RM. And what if the condo doesn’t sell???
Run that one by my mortgage expert, David Hochberg at https://56david.com/
His is a second opinion Iwould trust. A lot depends on the rest of your financial situation.
