one story

Purchase Reverse Mortgage Examples – Oceanside Homes for Sale

October 6, 2010 By Gary Harmon

Two examples of how a purchase reverse mortgage (HECM) can work for you when buying Oceanside homes for sale.

Purchase reverse mortgage(HEMC) example 1 – Oceanside clients ages 65 & 64 who are just retiring want to downsize to a Ocean Hills Country Club single story home with all the amenities of their existing home and use the proceeds from the sale to pay cash. Their goal is to have no future payments on their Ocean Hills Country Club home.

I estimate that the net proceeds from the sale of their current San Diego North County home to only be around $200,000.

I suggested that my Ocean Hills buyer take a look at the Reverse Mortgage Purchase offered by HomeServices Lending, an affiliate of Wells Fargo bank.

The clients really want a Ocean Hills home that is a great deal at $450k (3 yrs ago $600k). We all sit down and run the numbers on this Ocean Hills home using a Reverse Mortgage Purchase. Here is what we came up with:

Purchase Price $450,000
Reverse Mortgage Funds $262,800

Cash Required to Close $187,200

The clients takes $187,200 of the $200,000 from the sale of their old home combined with the
$262,000 reverse mortgage proceeds from their HomeServices Lending loan through Wells Fargo to purchase the new home for $450,000. And they will be achieving their goal of never having any monthly mortgage payments as long as they live in the home!

To sum up, many Ocean Hills Country Club home buyers pay cash. In this case that would have been $450,000. In our case they invested only $187,200 of their money and have no payments for life. Several years ago, the selling price of this home would have been over $600,000 and no reverse purchase mortages were available. Good deals are available now.

Purchase reverse mortgage (HEMC) example 2 – Marge and John, both 74, want to buy a one story manufactured home in Emereal Lake Village in Oceanside, CA. They are currently selling their Carlsbad, CA two story home. They feel a single story home will be better suited health wise for the rest of their life.

Marge and John look at several homes in Emerald Lake Village for around $300,000. All of Emerald Lake Village is one story detached homes with reasonable homeowners fees. Marge and John meet with a reverse purchase mortgage specialist at Home Services Lending.

They make an offer and get it accepted at $300,000.

Purchase price of $300,000, reverse mortgage proceeds of $177,213, leaves an investment of $122,787 needed. Marge and John have no more payments for live.

To find out more about purchase reverse mortgages read my other blogs:

Reverse mortgages for San Diego home purchases

Reverse Mortgages – Frequently Ask Questions

Reverse Mortgage – Purchase Ocean Hills

Purchase Your San Diego Home with a Reverse Mortgage.

Also, contact Gary Harmon, and I will put you in touch with my reverse purchase mortgage specialist at HomeServices Lending.

* Ever effort to make these examples correct have been take, but rates constantly change. The amount that you have to put down on a reverse purchase mortgage changes with your age. See my table for purchase reverse mortgage for a general idea.

Filed Under: Over 55 Tagged With: gary harmon, homeservices lending, one story, purchase reverse mortgage, reverse purchase mortgage

Ocean Hills Popular (Single Level) One Level Floor Plans

October 2, 2010 By Gary Harmon

The top requested senior retirement area in Oceanside is Ocean Hills Country Club. One of the main reasons is a large number on one level floor plans from which to choose.

Over 55, 55+ buyers seem to favor the Saint Tropez one story, the Costa Smeralda single level, but with a loft, and the Athena one level floorplan the most. View all Ocean Hills Country Club floorplans on www.HomeInfoSanDiego.com, the most complete website featuring Ocean Hills Country Club. You can also see all the homes currently listed in Ocean Hills. Since Ocean Hills is a gated community, you will need to be escorted through the security gate to actually get inside to see what Ocean Hills Country Club has to offer. Contact Gary Harmon, you top Senior Oceanside real estate specialist, to see Ocean Hills Country Club homes. Gary will be glad to meet you there anytime.

On this blog, you can read about Ocean Hills Country Club history and why now is a great time to buy Ocean Hills Country Club real estate. Just go to the top of this page and celect “Over55 (55+).”

Filed Under: Ocean Hills Tagged With: gary harmon, ocean hills, ocean hills country club, oceanside, one level, one story, single level, single story

Varadero Homes – Great One Story Floorplans

September 30, 2010 By Gary Harmon

Carlsbad, Encinitas, and San Marcos Single Story Homes

One out of ever 10 Varadero Homes is owned by a San Diego North County Realtor. That should be all the proof needed to convince you that Varadero Homes at Lake San Marcos is a great place to live. But there is more.

Three years ago, I set out to buy a new home for myself in Carlsbad, Encinitas, or San Marcos. Like many other baby boomers, I wanted a single story, one level home. I soon realized, like many other buyers, that builders built very few single level homes in San Diego North County. When I looked for an Encinitas one story or a Carlsbad one story, I found the homes were mostly older. If newer, they were out of my price range. Since I had access to the latest data from the San Diego MLS, I could see everything. I soon saw a few listings of newer one story homes in south San Marcos. Varadero homes were a new development that I had never heard of and contained only 105 homes. The good news is they were mostly one level homes, newer, and in a very well landscaped, gated community. Being high on a hill, many had either great views of Lake San Marcos and the surrounding emerald hills or a westerly view to the Pacific Ocean. They were also very close to both Encinitas and Carlsbad. The school districts scores were great. I fell in love with the Varadero floorplans, features, and Varadero aminities. I purchased my new one level home. After three years, I sill love the quality of the homes, the floor plans, the community, and the great community spirit of the neighborhood. If you are considering a one level in either Carlsbad or Encinitas, give me a call and compare the good value of Varadero homes.

Enjoy the photos below and you will see why Varadero Homes are the Realtors best kept secret. Also, see Varadero Homes Video. For more see Lake San Marcos homes at Varadero.