An All Reverse Mortgage® Client Success Story in Del Webb Active Adult Retirement Community
Nancy D’Angelo first heard about using a reverse mortgage to buy a home through some friends with a problem: They were moving from the South to Orange County, Calif., where sky-high real estate prices meant they couldn’t cover the cost of a new home just by selling their old one.
The issue hit home for D’Angelo, who was looking to move from Antelope Valley, California to Orange County to be closer to her daughter, grandson, and two great-grandchildren. She went home and told her husband, Gary, that it could be the solution for them.
“The money that we were going to get out of the home in Antelope Valley would be half of what we needed,” D’Angelo says. “What are we going to do — live in someone’s garage in Orange County?”
The pair began looking for houses and signed up for reverse mortgage counseling sessions, but the plan took on added urgency last Christmas, when Gary passed away. After 52 years of marriage, D’Angelo found herself alone, and wanted the comfort of living near family.
The All Reverse Mortgage® Purchase Solution
Borrowers who are 62 or older and have a home paid off in full or who have a low mortgage balance may be able to qualify for a reverse mortgage that allows them to purchase a new home. This HECM for Purchase loan essentially allows a borrower to purchase a new home and get a reverse mortgage within a single transaction, by allowing the sale proceeds of the former home to serve as down payment funds for the new home. It eliminates the need for two separate transactions, which means a single set of closing costs instead of two.
Today, with the help of the team at All Reverse Mortgage, Nancy is making the move into her new 1,700-square-foot home in a new Del Webb community Solana at La Floresta, which she bought using the proceeds from a HECM for Purchase transaction. With two bedrooms and three bathrooms, It’s a more manageable size than the 2,500-square-foot, three-bedroom home she had in Antelope Valley — but still has plenty of space to host her great-grandkids, who already have a vision for the second-floor bonus room.
“They’ve got everything planned with what they want,” D’Angelo says, adding that they’ve already turned the 400-square-foot room into a hide-and-seek arena. “They want their own bed, and they want to make sure there’s a nice big TV for them and all the good games.”
After spending some time living with her daughter and son-in-law while managing the transition, D’Angelo has seen the benefits of being so close to the kids.
“It’s fantastic,” she says. “The good news is that when everybody else works, I can pick them up from school or dentist appointments.”
The homebuying process itself was painless thanks to the work of All Reverse president Cliff Auerswald, D’Angelo says.
“Especially after Gary passed away, he was fantastic — he and his team,” she says. “I couldn’t give him enough kudos. No matter what time it was, what day it was, even when he was at the gym: If I had to call and talk to him, it wouldn’t faze him.”
“He and his team have been phenomenal,” D’Angelo says. “I was so glad that I ended up with Cliff.”
For those who do qualify, the reverse mortgage can be used as a tool toward funding retirement in addition to moving to a new home that is more suitable for aging in place such as in a new Del Webb active adult community. Use our Reverse Mortgage for Purchase Calculator to estimate your down payment requirement or call us Toll Free (800) 565-1722 to speak to our HECM purchase experts.
- Using a Reverse Mortgage for New Construction Purchase
- Reverse Mortgage for Purchase Expert Answers Area
Listen in on our YouTube Channel: “Yes, You Can Purchase With a Reverse Mortgage”