Sun Lakes Country Club in Banning California
By Deborah Nance, Southern California , Reverse Mortgage Specialist
(Orange County, Corona, Riverside, Los Angeles)
Sun Lakes in Banning is a vibrant golf oriented for active seniors! Homeowners must be over 55 years of age, and if they are over 62 they may want to look into the option of financing their new home with an FHA Reverse Mortgage. An Example - Bob and Betty Buyer are purchasing a single story home and selling their two story family home. Bob is 76 and Betty is 75 The clients' proceeds on their existing home after all expenses will be approximately $152,000.00 With $152,000 to put into a new home and a HECM loan the clients have the purchasing power to obtain a home valued at up to $350,000 with no monthly mortgage payments - EVER! Here is an overview of the Reverse Mortgage for Purchase program. FHA defines "HECM for Purchase" as a real estate purchase where title to the property is tr...
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