You know… 2022

Laurie MacNaughton © 2023

After a prolonged battle with cancer, in early 2021 her husband died. Now she needs to get out of her too-large home. Using a combination of proceeds from the sale of her current home and funds from investments, she was planning an all-cash purchase.

But then, you know, 2022.

And now that once-plump portfolio is looking very thin indeed, and she’s come to the following realization: an all-cash purchase, while technically possible, is going to leave her house-rich but cash-poor.

Enter Reverse for Purchase.

She’s buying the same house she had her eye on – only instead of paying all cash, or taking on a newly-minted mortgage payment, she’s putting 50% down… and she’s done.

She’s made the only mortgage payment she’ll ever make, as long as she lives in the home. When the home is sold, the loan will be repaid, in reverse. The rest of the equity will go to her or to her heirs.

And best of all? She can leave her investments untapped, giving them time to recover.

If your 55+ client, your parent, your friend, finds themselves unable to move forward with a purchase in a tough market, give me a call. I always love hearing from you.