10 Feb Bridge Loans and Reverse Mortgages
When buying and selling homes, it is important that your Realtor and Mortgage team work well together. When it comes to home loans in the process, it is possible that your contract could affect more than just your sale. With the way the market is in Colorado Springs right now, many sales offers have a contingency based on the buyer selling their own home. There is a new loan that American Liberty Mortgage offers to help with that situation, so your Realtor can make the strongest offer possible to buy a home.
Today, Deborah Elliott-Shultz welcomes Ryan Herbig and Bruce Simmons of American Liberty Mortgage into the studio to discuss Bridge Loans and Reverse Mortgages.
A Bridge Loan uses the equity of your current home as the down payment for a home you would like to put an offer on. This allows you to list your home and buy a home without worrying about contingency clauses or if the sale of your current home falls through.
Due to inventory shortages, contracts with contingency offers often get overlooked. With a Bridge Loan, however, you have the ability to offer a little over the asking price to sweeten the deal.
Another option, for people aged 62 and over, is something called a reverse mortgage. This FHA insured loan allows you to convert a portion of the value of your home into tax free money, as long as you or your spouse is living in your home, maintaining the home, keeping insurance on the property, and paying property taxes.
With a reverse mortgage, (also called a Home Equity Conversion Mortgage) you are able to use the money to upgrade and downsize your home. Many times, people get to a point where they are no longer able, or no longer willing, to care for the property of a larger home. The money received from a reverse mortgage can be used to purchase a newer home with less property to maintain.
In today’s broadcast, you’ll hear about the many ways bridge loans and reverse mortgages can help you! If you have more questions, American Liberty Mortgage is here to help. You can reach Ryan Herbig’s office at (719) 228-6055 or on his mobile number at (719) 659-0043. To find out more about Reverse Mortgages and if it’s a good option for you, call Bruce Simmons at (303) 467-7821, text him at (303) 513-2748, and you can listen to his radio program at reversemortgageradio.net.
If you have any questions about real estate in Colorado Springs, or to find out about Mia Bella Property’s flat listing fee, call Deborah at (719) 641-1357.