In this slow economic recovery, you no longer have to worry about affording that luxurious retirement Penthouse condo due to the value of your existing home having, in recent years, fallen in price.
If you, or the youngest spouse, are at least 62 years of age, there is a new finance program that only requires that you put 35% to 40% down and have no more mortgage payments for the rest of your lives.
For instance, if you want to buy the top of the line Millcreek Terrace condo, a 2,100 square foot Penthouse with all of the amenities, you will only need to put $178,500 (if you are 70 yrs old and $200K if you are 62 yrs old) down, of the $500,000 purchase price. That's it, $178,500 down and you will not be required to make any mortgage payments for the rest of your life!
If you are wondering how this is done, it's simple; the finance company takes the risk of your life expectancy. The balance of the amount that is owed accrues interest at 5.06%. If the buyer, who uses this financing, wants to sell his/her unit can due that at any time, simply paying the accrued interest at the time of the sell. The owners of the condo can also wait until their death, at which time the property reverts to their heirs and the heirs can than sell or payoff the amount owed and live in the condo themselves. At the time of the owner's death, if the condo is not worth as much as the payoff amount, the estate can simply turn the property over to the finance company, with no money owed
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