Metro Detroit senior citizen loan products
Metro Detroit senior citizen loan products
Metro Detroit senior citizens there is now new home purchase help from a major mortgage company. It is a new loan product designed for senior citizens and I think it has multiple applications. It is really for senior citizens that have some money.
I am going to give you some rough examples on this new loan product can help you. This is a general example as they have a specific formula that is based on the seniors age and value of home. But here is a rough idea of how it works.
The new loan product for seniors is a reverse mortgage purchase loan product. Let’s say a 65 year old Metro Detroit senior citizen wanted to buy a home. And let’s say the purchase price is $100,000. They will do a reverse mortgage on the house. If the senior citizen brings a $40,000 down payment to the table the buyer will never have another house payment again.
Basically if the senior citizen (amount needed based on age) brings 40% to the table they can have a home that will never have another payment the rest of their life. It is a pretty good deal. The older the person the less they have to bring to the table.
The situations I think this might be good for are.
1.) Retirees that downsizing. Many Metro Detroit seniors that sell their homes end up with a sizable chunk of cash. They could buy a smaller house with a reverse mortgage and NEVER HAVE A HOUSE PAYMENT AGAIN.
2.) Retirees that need more cash for living. Let’s say a retiree is having problems living on the amount they receive each month when they have a house payment. By buying a house with a reverse mortgage they could have a large amount to live on each month. It could GIVE MICHIGAN SENIORS MORE CASH FLOW EACH MONTH.
3.) Michigan seniors that have marginal credit who have money but can’t buy the home because of the credit. Even if you have a foreclosure you can buy a home because they don’t look at credit history or credit scores. They will pull your credit buy only to check for federal liens against you.
4.) Michigan seniors that have high debt ratios or limited income. Yes you can still buy a home. There is no income verification on the Metro Detroit senior citizens. You have no payment so they don’t care about your income or high debts.
If you are a Metro Detroit senior that is looking to buy and any of these situations pertain to you give me a call and I will get you in contact with a person that explain this product in detail to you.
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