Gidget Jackson is SRES, Senior Real Estate Specialist and Licensed Mortgage Broker. She offers Traditional and Reverse Mortgages to help Seniors with financial solutions when purchasing a home.
Call or Text me anytime 305-900-8217 / Email: Gidget@MortgageOne.com
Apply for a Traditional Mortgage (Click here) OR apply for a Reverse Mortgage (click here)
If downsizing or relocating, selling your home and purchasing another one, there are many options
Traditional financing requires qualifying based on the borrower's income and expenses, with monthly mortgage payments that are typically made. This works well for individuals who can afford the added expense.
Reverse for Purchase Option
A reverse for purchase option allows homeowners to sell their existing home and purchase the new home with a mortgage that requires no monthly payments and, in some cases, can include taxes and insurance.
This option helps borrowers to access more of their residual income without the expense of a mortgage payment.
This type of loan provides a lump sum for the purchase of a home. Buyers usually need to make a substantial down payment.
New Purchase is more than the sale of the prior home
Seniors can use the proceeds from the sale of their prior home as a down payment. If there is not enough proceeds other qualifying sources may be used.
Buy a second home without having to pay a mortgage by using the equity in your primary home, and have no mortgage payments
A Reverse Line of Credit on a primary home can also be used to purchase a second home.
Traditional mortgages can be used to purchase a second home, but do require monthly mortgage payments.
This happens when you sell and do not plan to stay in the home any longer, and are transitioning to another home
Prior to putting the home on the market, it is important to request a loan payoff to confirm the balance due to the lender. This will help to determine the current equity in the home.
The sale price must be at least 95% of the appraised value.
Not a good option if
You are going to need to move in within the next several years.
You have health issues that may limit your ability to continue living independently.
Call Gidget to get more information on this option when selling and moving to another location.
Planning the move to meet the transition needs.
Ask me about a Bridge Loan if you need to move sooner.
Sometimes it's necessary to sell fast. Maybe the funds are needed for healthcare or lots of repairs
Let's review your options so you can make a decision based on what is needed for you and your family.
Let me help you avoid this!
If a short sale or foreclosure is looming, it's important to get ahead of the process and not let too much time go by.
Lenders do not want to foreclose. It's costly for everyone.
I'll do the heavy lifting and help negotiate a short sale as part of a home sale at no out-of-pocket cost to the seller. Most lenders will pay compensation for the sale even if there is not enough equity for the seller to pay.
Sometimes the lenders offer cash for keys to the seller for an easy transition when the home is occupied.
You, your family, or I can manage the clean out.
Pack, clean, and move - see our list of Vendors
Assistance with removal of items left in the home
Access to utilities
Warranties
Vendors that work on the property, i.e., lawn care, pool service, etc.
Finalizing the home sale. That's one of my super powers.
