Reverse Mortgage to Purchase
|Subject:||“How Can Moneys Obtained from a Traditional Reverse Mortgage Be Used?“|
|Source:||Randy L Thomas, Wells Fargo Mortgage Consultant|
Randy L Thomas, Wells Fargo Mortgage Consultant, critiqued my summation of the new REVERSE MORTGAGE for a HOME PURCHASE program & offered some additional information regarding the traditional Reverse Mortgage and its uses. Randy states: “Jean, I think you have done a great job with the information you are providing for the Reverse Product. Here are some other ideas. There are many applications for a “Reverse Mortgage” in relation to buying Real Estate. In addition to purchasing a primary residence, it is a great tool for someone that wants to buy investment property, or a second home. Another great use is to help your adult children take advantage of the current Real Estate Market and provide them with the down payment on their purchase without effecting their retirement investments.”
The required counseling session could be “free”, Randy clarified that there were & might be some GRANT MONEY available to applicants, but the general cost is $125. If you have any further questions, please contact: Randy L. Thomas, Reverse Mortgage Consultant, Wells Fargo Home Mortgage, 332 Fox Valley Center, Aurora, IL, 60504. Phones: 630-820-5209 Direct, & 815-405-3690 Cell. Randy.L.Thomas@wellsfargo.com.