Jan has lived in her home with her husband for forty years. Sadly, he passed away recently and she was now living in the home alone. She decided it was time to downsize and move into an active senior living community.
Her home was in a wonderful community. She went to an open house and immediately felt at home. She knew this was the place for her, but she doesn’t want to sell her current home, because she wants to keep it for her children. The question is how will she afford to buy her new home, while keeping her larger home.
Jan has about $500,000 in IRAs and $250,000 in cash. But she receives just $1,500 in social security.
The condo she wants is $550,000, which means she doesn’t have enough cash to pay for the condo outright. Her Realtor referred her to me to see what kind of loan she could qualify for.
She immediately qualifies for a $50,000 conventional loan, which wouldn’t work. But when I explained to her that there is a loan that requires no credit or income to qualify, and she only has to prove she has reserves or income to cover her daily expenses, including the property taxes, insurance, and HOA, she was thrilled.
With this loan Jan is able to get $300,000, and never have to make payments.
Jan has achieved her goal of keeping the family house for her children, live in a great community with a nice lifestyle, and make new friends.
If you know someone who wants to buy a home, but has trouble qualifying, please introduce us so I can help them achieve their goals too. They’ll be glad you did!