Our client’s regularly send us testimonials and their stories of how Legacy Reverse Mortgage helped them. In this article, a retiree and his wife use the Reverse Mortgage for Purchase Program, also known as the Home Equity Conversion Mortgage or â€HECM†for Purchase Program. We’ve been publishing tons of articles here on Legacy’s reverse mortgage blog with information and statistics, facts, and well-crafted, insightful and original commentary on news and happenings in and around our industry. We’ve even followed in real-time government regulatory changes and the political climate of our industry, all in an effort to centralize the news and information, and re-publish it here in easy-to-understand terms. Our readers have been enjoying our reverse mortgage content for months. But one off the things that has been noticeably absent from our blog is real stories about real reverse mortgage clients we’ve worked with here in the San Diego area and beyond. Now, some of our customers have been kind enough to not only share with us their stories, but actually allow us to write about them on our blog. We previously published a blog post about Joe’s story [editor â€link to blog1 here], a retired Navy Seal who took a reverse mortgage to help cover renovation and everyday expenses, and about how happy is he with that choice. We continue this series with a story from a client we will call â€Simon†to protect confidentiality. Simon’s story Today, we’re writing about Simon’s story. Simon and his wife had worked and enjoyed life in San Diego, but unfortunately, their plans for retirement in sunny southern California were cut short. Sadly, Simon’s mother had fallen sick with a terminal illness. Simon and his wife moved to St. George, Utah, his hometown, to take care of his ailing mother. Although Utah is beautiful, the couple grew weary and missed San Diego. After Simon’s mother had passed, they saw an opportunity to chase the dream they had been sharing together for so long: retire to Oceanside, CA. Oceanside is a quaint little beach town in San Diego. Take it from us: it’s an absolutely charming town, and an ideal spot to spend retirement. But like so many of his generation, Simon and his wife accumulated staggering medical bills while caring for his late mother. No matter how they worked the numbers, moving to Oceanside just seemed impossible without extra cash. The HECM for Purchase Program was the answer Simon was looking for Simon came to Legacy to learn about his options. After a thorough analysis and many discussions, our suggestion was for him and his wife to consider the HECM for Purchase Program, offered and insured by HUD. The Purchase Program allows a homeowner 62 years or older to sell their existing house and couple the proceeds with a reverse mortgage to purchase a new home. The benefits for Simon were plentiful: â€Simon found a $360,000 home in Oceanside he and his wife could purchase â€Simon has no mortgage on the new home â€Reduced transaction fees from both the sale and purchase of the homes â€Simon used a portion of the proceeds from the sale of his current home as a down payment on his new home in CA The HECM for Purchase Program was right for Simon, allowing him and his wife to retire to their comfortable and worry-free dream home in San Diego. Could it be right for you too? Contact us today to learn more about how you can purchase a new home with a reverse mortgage.
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