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If you have a Reverse Mortgage on your home in New York, and plan to move to Florida, there are a few special considerations. I recommend that you speak with a local Realtor as well as a Florida Realtor, and that you speak with your Reverse Mortgage lender before making a decision.
First item: If you move out of your New York home permanently, you will be required to repay the Reverse Mortgage whether or not you sell the home.
Second Item: HUD will shortly announce initial guidelines for a Reverse Mortgage Purchase Loan product (hopefully right after Nov 1). I suspect that a Reverse Mortgage purchase will require a large downpayment (depending upon the lower age of you or your husband), and HUD would probably permit you to use the proceeds after paying off the Reverse Mortgage on your New York home towards the downpayment on a Reverse Mortgage for your new Florida home.
It might make sense to use a Reverse Mortgage to buy the Florida home. Of course there's no way to tell until the new guidelines from HUD are released, and as always seniors must consider the steep costs and negative amortization of a Reverse Mortgage... but it miht make sense in your situation.
You'll need the advise of the two Realtors and your lender to be sure.
MJ Peterson Real Estate
Toll Free: 888-807-1715
Our sons lives in the Buffalo area and we'll be heading to Buffalo next week for the birth of a grand baby. We have one in Wheatfield and one in Orchard Park. But on to your question......
It's our opinion that any time is a good time to invest in real estate as long as it's your ideal home, located in your perfect location, and offered at a price you can't afford to walk away from. As you have mentioned, there are plenty of opportunities available. one location we would like you to at least take a look at is the North Port, Englewood, Port Charlotte locations. There are many new or nearly new homes in these communities that are priced in the $70,000-$90,000 range. These are beautiful homes that require only a buyer. With prices this low, it's unrealistic to believe they will go much lower.
If you would like to see some sample properties from these locations or require additional information, we would be happy to hear from you. Call or email and we'll get right back to you.
Hope to hear from you.
Susan & Bill Eckler, GRI
Michael Saunders & Company
2008 Five Star Award for Outstanding Customer Service
You can buy a 2nd home in Florida without sacrificing your primary residence in order to keep your reverse in place.
You can also make the sale in Florida contingent on the sale of your New York property.