Buy New Homes in St. Augustine With a Reverse Mortgage
By Marjorie Taylor, New Homes in St. Augustine Florida
(Florida Homes Realty and Mortgage)
Buy New Homes in St. Augustine With a Reverse Mortgage I must admit, I don't know much about the Reverse Mortgage product, but found it very interesting that buyers over the age of 62 can use it to buy new homes in St. Augustine. They way I understand it, in a regular mortgage, monthly payments are made to the lender. In the REVERSE mortgage, you receive money from the lender and do not pay it back for as long as you live in the home. Additionally, if any equity remains in the home after the loan is repaid, the funds go to the homeowners or thier heirs. That sounds like a fabulous way to buy new homes in St. Augustine! If you are considering a reverse mortgage to purchase your new homes in St. Augustine, watch this video by AARP. The reverse mortgage is not a traditional mort...