Open Reverse Mortgages: Ultimate Flexibility

We recently got to work with a lovely retired couple who were downsizing their home.  With all their children grown and having kids of their own, Barbie and Ken, (names have been changed to protect confidentiality), felt their 3200 square foot house was a bit too big for them. 

Fortunately, they were able to find an amazing one level townhouse in a 55+ building, right near the golf course that Barbie loves.  What Ken loves is that the yard maintenance is built-in so he no longer needs to mow the lawn. 

The only problem was that their house was listed, but had not yet sold.  Good thing we are in the solution business!  For Ken and Barbie the solution was a CHIP OPEN Mortgage, a fantastic product with the flexibility to keep these awesome clients from losing out on the new home they had already grown to love. 

Using a CHIP OPEN we were able to finance the equity in Ken and Barbie's house, allowing them to buy their new townhouse right away and simply pay off the mortgage in a few months when their house did sell. 

The best part is that, because we used a CHIP OPEN, the couple did not have to qualify on income for the funds they needed.  They did not have to make any payments and there was NO penalty when the mortgage was paid off. 

Barbie and Ken are now happily settled in their new home, with no mortgage, and we could not be more thrilled for them. We are suckers for a happy ending. :) 

Ask us today if a CHIP Reverse Mortgage could be an option for you or someone you love.  We are always here to help!