Relocation With Mortgage South
Relocating to Tennessee or North Georgia is a great option for those in retirement. With the scenic beauty of the Tennessee Valley, Chattanooga and North Georgia offer a variety of outdoor activities for active adults. Atlanta and its surrounding areas attract those seeking a metropolitan lifestyle with big city conveniences. Meanwhile, Nashville’s vibrant communities offer plenty of entertainment and restaurants with areas like Franklin offering a more laid-back small-town feel. The low tax rate and competitive real estate market make the Southeast appealing to those looking to relocate to be closer to family, a change of pace, or to right-size their life.
Reverse Mortgage: A Great Option for Relocation
We at Mortgage South have helped many retirees relocate to the area using a reverse mortgage to purchase a home. This is a great option for those 62 and older to buy a home without a monthly mortgage payment. They can leverage the equity from the sale of their current home to purchase a new one – all while preserving cash flow in retirement. The only ongoing obligations are to pay property taxes, homeowner’s insurance, homeowner’s association fees, and maintain the home.
Using a HECM reverse mortgage to purchase a home here can stretch retirement savings for future needs. Rather than using all the proceeds from a home sale to buy a new home outright, retirees can finance part of the purchase with a reverse mortgage and keep the balance from the sale of their home for savings, investments, travel or an emergency fund.
Call our relocation specialist at Mortgage South today to schedule a no-cost consultation to help you better understand how you could qualify for a reverse mortgage. We have worked with financial advisors with our clients to make sure that this program is a perfect fit. For the right homeowner, however, this strategy can provide a path to a more comfortable and affordable retirement in a desirable new location.
Call today to see how you can get started on the journey to a new retirement future!
The Greater Nashville Area: Nathan Guerrero – Click to Call 615-657-5878
Chattanooga/North Georgia: Bryan Fryar – Click to Call 423-624-3878
Frequently Asked Questions About Reverse Mortgage For Purchase
What sources are allowed for the cash required to close?
- The sale of the departure home
- The sale of the borrower’s other assets
- The borrower’s personal savings
- Gift money from parties not involved in the transaction
What requirements must the new home meet?
- Must become the borrower’s primary residence
- Must be occupied by the borrower within 60 days from closing date
- Construction must be complete, the property habitable, and a certificate of occupancy must be issued where applicable.
What can’t be used for the cash required to close?
- Seller financing and concessions
- Funds withdrawn from credit cards
- A bridge loan of any kind
Which home is the HECM reverse Lifestyle mortgage loan for?
- The HECM Lifestyle reverse mortgage loan is placed on the new home. If the cash required to close comes from the sale of the departure home, that sale is a transaction separate from the HECM Lifestyle reverse mortgage for Purchase transaction
What property types are eligible?
- Single family
- HUD-approved condos
- Planned unit developments (PUDs)
- Two to four unit properties (one unit to be occupied by borrower)
What are the borrower responsibilities?
Responsibilities include (but are not limited to)
- One of the borrowers continuing to live in the home
- Keeping current on tax and insurance payments on the property
- Maintaining the property according to FHA standards
Proud to Be a Preferred Lender for Pratt Home Builders
Using the HECM Lifestyle reverse mortgage to finance the purchase of your new home may be your solution to meeting your goals without having a monthly mortgage payment. Many local realtors and builders in our area have utilized this program in the past. Pratt Homes has used Mortgage South and have properties available in our area for purchase visit www.prattliving.com to view available homes and schedule a tour.