It is truly sad that many of you who are reading this may very well want (or even need) to live in a maintenance free active adult community that meets the needs of either you or your spouse, but due to economic circumstances beyond your control (ie: inability to sell your home) just can’t do it right now.
Well there may now be an answer. The Orchards Group, the developer of three premier Atlanta active adult neighborhoods in Cherokee and Forsyth counties is now offering homebuyers The “FHA Insured – Reverse Mortgage for Purchase”.
This financing plan has grown in popularity over the past year since its inception. It simply takes the best elements of what has historically been a misunderstood financial tool and places an FHA backed insurance plan behind it with far more stringent rules on the lender, actually establishing rules about which lenders can actually offer the product.
“Although this program typically requires a 28% – 35% down payment, we have found that many of our potential buyers do in fact have that equity available, but do not wish to then have a traditional mortgage that requires monthly payments”, said Mitch Block, Director of Sales for The Orchards Group.
A reverse mortgage has no monthly mortgage payments. It is important to note that there are some specific rules that apply so if you are interested, feel free to contact and Orchards Group sales associate at 678-513-8879 for all the details.