Downsizing in retirement is not a new concept. However, the rise in popularity of tiny homes is adding a unique twist to the goal. In pursuit of simplicity and flexibility, and sometimes by necessity, a growing number of seniors are using small, often portable residences to be closer to family and enjoying the added freedom that they can provide.
"Use Your Home to Stay at Home" ---- I specialize in FHA-insured** Reverse Mortgages in the San Francisco Bay Area. My office is in Walnut Creek, CA. I assist homeowners to convert a portion of their equity into cash. My job is to help my clients decide if a reverse mortgage is truly the right thing to do.
All deed-holders must be age 62 or older.
Homeowners retain title as long as they continue to live in their home.*
They make no monthly mortgage payments.*
There are limited income/credit/medical qualifications.
The loan is not repaid until the last borrower moves out or passes away. Heirs never owe more than the appraised value of the home.
*Borrowers must comply with the terms of the mortgage contract; they must pay their property taxes and homeowners insurance premiums on time and they must keep the home in good condition.
**Open Mortgage, LLC is not acting on behalf of or at the direction of the federal government.
What’s a home buyer to do when interest rates rise? It’s a question many are considering as the market recovers from the long period of historically low rates following the financial crisis of 2008. With rates rising, buyers worry about getting a bad deal, and what that could mean for long-term financial stability.
We Are Open Mortgage