Real estate professionals: A home financing option that can help you sell more homes
The Baby Boom generation represents an important opportunity for real estate professionals to serve a rapidly growing market of people: those who are retiring According to Realtor.com, 30% of home buyers and sellers are 55 and older. The trend is clear—Baby Boomers are right-sizing, and they’re looking for convenience and comfort. How can you better serve this market?
The Baby Boomer generation represents an important opportunity for real estate professionals to serve a rapidly growing market of homebuyers: those who are retiring and motivated to sell their current home and purchase one that’s better suited for their needs in retirement or closer to family and friends.
How a reverse mortgage works
Buyers can purchase a home by combining a one-time investment of their own funds (a down payment of typically about 45% to 62%, depending on borrower age) with loan proceeds from a reverse mortgage.‡
As with a traditional mortgage, the home they purchase secures the loan. But unlike a traditional mortgage, monthly mortgage payments are optional while they own and live in the home as their primary residence — making buying a new home even more attractive.
As with any home-secured loan, the borrower must meet their loan obligations, keeping current with property taxes, insurance and maintenance.