Reverse Mortgages - A New Way to Buy a Second Home Too

Are you over 62 or do you know someone that is over 62 and wants to have a second home, fractional property or condo hotel to ski, golf, visit grandchildren, or just enjoy more time away from home? By using a Reverse Mortgage, you can achieve the best of both worlds by using the equity in your home to acquire a second home, fractional property or condo hotel unit and enjoy the benefits of a vacation home while keeping your primary residence. With so many types of vacation homes on the market today, a Reverse Mortgage can help you leverage your existing home equity and get you access to the beach, the mountains and much more.

For example, a Reverse Mortgage can be used for the down payment on a retirement home in Florida and still allow a Senior to live in their current residence in Michigan until they finally decide to sell their Michigan home and relocate full-time to Florida. The proceeds from a Reverse Mortgage can be used for any purpose and the proceeds are generally tax free.* The proceeds can be used for the down payment on a second home or a retirement home, the annual expenses for a fractional or condo hotel such as property taxes, maintenance or insurance.

Reverse Mortgages are excellent tools to diversify a real estate portfolio by leveraging the equity in the primary residence to acquire a second home, fractional property or condo hotel. These represent lifestyle purchases which are sometimes just as important as using a reverse mortgage for day to day living expenses. Reverse Mortgages provide the means for financially sophisticated seniors to pursue their dreams for travel, spend more time with the friends and family, and enjoy the benefits of their hard work.

Vacation Finance, Americas First Second Home Lender and Terme Mortgage, a Reverse Mortgage Specialist, have teamed up to provide a partnership of services to work with Seniors to get Reverse Mortgages to help with the acquisition of Second Homes or Vacation Properties. For more information on using Reverse Mortgages as a tool acquiring a second home or vacation home property contact Bob Waun at Vacation Finance or George Yedinak at Terme Mortgage.