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own a home mortgage free income social security and I work want to buy house in Florida reverse mortgage or home equiety

By bnwofcg562 from CA Jul 15th 2014
Reply

There are so many answers I could give you but I need a better understanding of what you are planning to do with the current property and what you are buying the Florida Property for. Call me if you want to discuss further.

Jul 15th 2014

Is the property owned free and clear in CA?I am a Equity conversion mortgage specialist in Orange, CA.Call me to discuss!Iona Osment714-414-8549

Jul 15th 2014

Good Evening! Where there is a will, there is a way. The information you provided is not enough to render a full reply as there is more to getting financing than the details you provided. A Reverse Mortgage is only for a Primary Residence, so if you are looking to purchase property in Florida as a 2nd Home, the Reverse Mortgage option is not available. You could access funds from your current home to pay cash for the 2nd property, assuming you can get a sufficient loan amount for the new purchase. Anyway, I would discuss your full scenario with a mortgage professional directly who can better assist you in your goals! Good Luck!

Jul 15th 2014

You are in an excellent position having a free and clear home. If you are over 62 you could either use a reverse mortgage to obtain cash to buy a second home in Florida; or sell your current home and buy a primary residence with the proceeds plus a reverse mortgage in Florida. To understand which is your best option I would love to hear the whole story. I am a reverse mortgage specialist and my company also does business in Florida. Please call or email 858-344-5998 or michele.kole@lhfs.com. Michele Kole, nmls#248631

Jul 15th 2014

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