Downsizing
Time to downsize? We have loan options like condo loans and reverse mortgages to meet your financial needs.
Bigger isn’t always better
When it’s time to downsize, it’s important to know all of your mortgage options at this stage in your homebuyer journey. The Advantage Mortgage team is experienced in finding our clients the right loan for their desired property.
We have loan programs that can help you purchase a condo, purchase a property using a reverse mortgage, or buy a home in a retirement community. If you would like to receive cash from your home equity, we have a program that lets homebuyers, 62 and above combine the proceeds of the sale of their current home with a down payment to purchase a new home and not make loan payments as long as they live there (conditions apply).
Your broker at Advantage Mortgage can help you along the way. We are here to answer any questions you may have and look forward to guiding you in making sound decisions for your financial future.
Downsizing Tips:
- Know your options. Get with your Advantage Loan Officer to get an overview of loan programs for your unique situation.
- Know how much you can spend. Within reason, it is great to come in with an idea of how much you can afford.
- Get pre-approved and get your pre-approval letter. When making an offer on a home, this is a must!
- Timing the sale of your old home and the purchase of your new home, properly. This is where having a great Real Estate Agent comes in. Let us know if we can help with a referral!
Downsizing Loan Program Ideas
Interested in getting familiar with a few loan programs that we often use to help downsizers? Let’s take a look!
