When an Older Buyer Finds the Right Home but the Financing Feels Wrong
A third financing option when an older buyer likes the home but feels uneasy about paying for it.
Read the articleFor Realtors
Before the move stalls, give the buyer another financing conversation.
A buyer may love the home and hesitate at the thought of paying cash or taking on another required mortgage payment. A HECM for Purchase could give you another path to compare.
Listen for these openings.
- A buyer age 62 or older wants more cash available after closing.
- A seller keeps postponing the move because the next purchase feels too expensive.
- Adult children want to understand the financing before supporting the move.
Keep the home search connected to workable numbers.
Richard can review estimated cash needed, eligibility and costs with your buyer before the search goes too far. A HECM for Purchase combines a substantial buyer contribution with reverse mortgage financing. He will compare it with cash and conventional financing while checking the property and timeline. Taxes, insurance, maintenance and occupancy obligations continue.
Here’s how to begin.
- Start with a general situation. Share the goal, approximate ages, property location, estimated value and mortgage balance. Keep names and sensitive details out of the initial description.
- Review the potential fit. An initial discussion can identify the questions to answer and whether a current mortgage illustration is appropriate.
- Make an introduction with permission. You can remain part of the client conversation. If they proceed, Richard handles the mortgage process while you continue your work with them.
Read the situations behind the strategy.
When Maybe Next Year Means the Move Feels Too Expensive
Help a hesitant seller explore the financing for the next home before postponing the move.
Read the articleBefore You Pay Cash for the Next Home Look at What You Want Left Over
Compare purchase options with the cash you’d like to keep available after the move.
Read the articleHave a buyer already looking at homes?
Send them a focused introduction to purchase financing, then bring Richard into the comparison while they still have choices.
Visit the buyer purchase pageGive your client a useful option to consider.
Bring the goal and the question. The review will consider whether home equity can contribute to a plan that works for the client.