Golden Gateway Financial recently launched a web based reverse mortgage for purchase tool to help borrowers identify if the program is a good solution for them. Starting this year, seniors are able to purchase a new home and secure a reverse mortgage in the same transaction by applying the reverse mortgage payout towards the purchase price of the home.
"This legislation provides seniors with an incredibly powerful tool because it simplifies two transactions into one and allows them to move into a new home without the burden of monthly payments," said Eric Bachman, founder and CEO of Golden Gateway Financial. "Even borrowers with impressive credit and income are finding it hard to secure a forward mortgage and take advantage of the current real estate market. Using a reverse mortgage will also help seniors stay liquid when downsizing."
The Downsizing Calculator is simple and straight forward. Users enter in their zip code, home value, age, and the calculator can provides a personalized look at the loans available to them and how these funds could be applied towards purchasing a new home.
The calculator also provides the basic details of each available reverse mortgage loan, including available credit, value of home in 10 years and cash payouts over time.