Trading up: HECM reverse mortgage for purchase
I used to own a small, manufactured home in a park in Northern California. It was small, but it was paid for and I didn't have to worry about a mortgage payment. One day, I visited a local retirement community and fell in love with my dream home. It's a beautiful, gated lifestyle community for seniors with golf, tennis, and plenty of recreational activities! I suddenly felt like I was missing out on so much. I really wanted to move there, but I knew that taking on a mortgage payment would be too risky for me for the long term.
Then, I found out about the HECM reverse mortgage for purchase program. I could sell my home and use the proceeds to purchase a brand new home in this gorgeous neighborhood. My children were all supportive. They never even wanted to visit me at my old place. I know they didn't care if I left it to them in my will. Now, I can't keep them away. They say it's like a resort here, and it really is!
Take a look at my new (to me) home, in Trilogy. I am enjoying my new lifestyle immensely, without seeing much of an increase in my living expenses. Getting a HECM reverse mortgage for purchase was the best decision I ever made!