Excellent video Jeff. An option for seniors to consider when downsizing from their current home is the reverse mortgage option purchase to get into a 55+ community. With a substantial amount of equity available from the sale of the current residence, with a one time lump sum down payment of up to 50%( may be less depending on the age of the borrowers), they can get into the community and live without a mortgage payment for the rest of their lives. This will allow them to not have to buy the new property out right free and clear. In many cases this is a better decision as it will still leave a substantial amount of money in reserves from the sale of their original home and still allow them to be mortgage free for the rest of their lives. They will only be responsible for monthly homeowner association, property taxes and insurance, the same as they would otherwise.
I am 55 years old in California, I just got laid off and am on unemployment benefits for now. If I apply for a 55+ apartment, will in need to be employed/have a job? Thx for any reply.
love the easy to understand content. Thanks for adding value to a needed area on TH-cam.
Glad it was helpful!
Excellent video Jeff. An option for seniors to consider when downsizing from their current home is the reverse mortgage option purchase to get into a 55+ community. With a substantial amount of equity available from the sale of the current residence, with a one time lump sum down payment of up to 50%( may be less depending on the age of the borrowers), they can get into the community and live without a mortgage payment for the rest of their lives. This will allow them to not have to buy the new property out right free and clear. In many cases this is a better decision as it will still leave a substantial amount of money in reserves from the sale of their original home and still allow them to be mortgage free for the rest of their lives. They will only be responsible for monthly homeowner association, property taxes and insurance, the same as they would otherwise.
Great information. Thanks for sharing!
Me, I need so much help, wondering if it’s cheaper in another state
Why you want to Charge so HIGH for Senior Living
I am 55 years old in California, I just got laid off and am on unemployment benefits for now. If I apply for a 55+ apartment, will in need to be employed/have a job? Thx for any reply.
Disabled veteran