Financing in South Carolina>Question Details

Ardith, Other/Just Looking in South Carolina

My mom's house is paid off, but she wants to move closer to me [75 mi] - she's retired, what are her options?

Asked by Ardith, South Carolina Tue Feb 17, 2009

specifically her financial options for buying before selling? her credit is very good, she's retired, but has enough assets to live without worry.

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A reverse mortgage will not work if she is moving away to be closer to you....reverse mortgages are for primary residences. She would be able to finance another home if her credit is good and her income can fall within the correct debt-to-income-ratio for the loan she is applying for. She has some options....first does she want to sell her exsisting residence? If so, what is it worth in today's market and how long will it remain unsold? She could rent it out, but then she would be better off finding a real estate company that will handle the renters from application through payments...there is a charge for this and all rental management companies have different fees...so look around and ask for referrrals from other land lords.
If she has great credit, income, and assets...I would recommend a conventional type mortgage with a higher downpayment to lower principle balance. If she wants to retain as much of her savings as possible, a FHA loan is the way to go there. She should consult with a real estate agent in the area she wants to move to also to see what is available. A condo might be better suited for her also since maintence would be covered, however there would be maintence fees to consider. Either way, a lot of planning has to be done to address this situation...I wish you and your mother the best and hope everything works out.
0 votes Thank Flag Link Tue Feb 17, 2009
Hi Ardith - I have a contact who specializes in the reverse mortgages that have been mentioned below. If you would like me to send it over, please let me know.

Thanks, Randall Sandin
843-209-9667
rsandin@carolinaone.com
Carolina One Real Estate
0 votes Thank Flag Link Tue Feb 17, 2009
Many companies offer reverse mortgages for this purpose. Check with your lender to see if that's an option. If your lender doesn't offer it, contact me and I'll give you a phone number for a lender that does. Good luck!
0 votes Thank Flag Link Tue Feb 17, 2009
Ardith:

Since this seems to be a financing-specific question, my advice would be to give Leah Avery at Bank of America a call. She can be reached at (803) 255-7759. Here is a link to her profile....

http://columbiasouthcarolinahomes.blogspot.com/2008/01/first…

If I can be of assistance on the real estate side (selling or purchasing), please don't hesitate to call. I can help you with any transaction throughout South Carolina.

I look forward to hearing from you soon!

Much Success in Your Real Estate Pursuits!

Sincerely,

David A. Patterson, Broker CRS
Keller Williams Realty
4400 Saint Andrews Road
Columbia, SC 29210
http://www.DavidPatterson.net/
(803) 217-0948
http://brokerdave@davidpatterson.net/

Visit My Blog - Your Comments are Welcomed
http://www.ThePattersonFiles.info/

"A journey begins with a designation in mind."
0 votes Thank Flag Link Tue Feb 17, 2009
SUGGESTION: have her list home not purchase till home sales upon closing funding she can purchase a home. April - August are busy months for home owners searching purchase homes.

Cash from her home allows income to afford another home.
Web Reference: http://www.lynn911.com
0 votes Thank Flag Link Tue Feb 17, 2009
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