Is Recession Here? Yes. Does This Mean a Housing Crash? NO!
The real estate market, however, is in a totally different position...
A Matter of fact; The senior housing wealth is at a record high of $7.19 trillion!!! There is available inventory out there in the market, and once more Realtors can educate their senior clients to unlock their home equity and turn it into cash, we can then see more seniors selling their larger homes, making that inventory available, and then having them downsize to smaller homes that will be more conducive for their retirement.
“Most builders initially think that the H4P is replacing a transaction that was already there, that the customer had already agreed to pay cash or finance the home with a forward mortgage. But that hasn’t proven to be the case, and the HECM for Purchase has shown to add incremental sales that otherwise would not have happened.”
“In speaking with builder partners, it is my understanding that many HECM for Purchase buyers are choosing a more expensive home and/or purchasing more upgrades.”
“Builders not introducing the HECM for Purchase option to those qualified home shoppers are losing home buyers.”
“This program allows us to offer a diversity of financing in addition to our preferred lenders.”
“It’s enabled us to sell more homes, no question about it.”
“It’s such a valuable source of financing for buyers who think they can’t afford to live the lifestyle in one of these 55-plus communities. I suspect more people would take advantage of it if they knew about it.”
“It’s all about education, if more builders understood it, I know they would engage someone to handle it for them and include it in their offering.”
“It’s safe to say that many people know that a reverse mortgage is a loan that can be used by a older homeowner who wants to extract the equity in their house. But what many people don’t know is that there is a type of reverse mortgage that can be used to purchase a house. And while it’s not for everyone, it could be a retirement game-changer for a good number of people.”
“This could be the difference in the clients purchasing their dream retirement home or settling for a lesser home, thinking they had no other option.”
“An AARP study of retirees revealed that their No. 1 fear is not death, it’s running out of money. The HECM for Purchase could allow them to buy the home that they want and not have to use 100% of their cash, as the saying goes, ‘You can be young without money, but you can’t be old without money.’”