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!
Nashville, Chattanooga, Knoxville, or Tennessee: Nathan Guerrero – Click to Call (615) 657-5878
North Georgia: Bryan Fryar – Click to Call (706) 406-3878
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