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04-04-2022, 09:35 AM
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Sage
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Join Date: Aug 2009
Location: NJ, NM, SC, PA, DC, MD, VA, NY, CA, ID and finally FL.
Posts: 7,860
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Quote:
Originally Posted by bhancock
Something you may want to consider also; using the HECM to purchase your new home. Using a 50/50 formula, if you buy a home for say $500,000, you only need to put down $250,000 and the Mortgage company (me) puts up the remaining $250,000. The good thing about this is #1, you never have to make a mortgage payment, and you buy twice the home you thought you could afford!!...It's a beautiful thing. Not to mention, let's say you were gonnna pay all cash...now, you can put the "other" $250,000 back in your bank!!
Email me if you'd like more info....bhancock@comcast.net
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This a slick solicitation for a high commission notoriously high cost product and a financial disaster waiting to happen. Don't do it under any circumstances. What if you want or need to move or spend significant time elsewhere?
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Last edited by manaboutown; 04-04-2022 at 09:40 AM.
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