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MOVE TO A NILSON HOMES COMMUNITY WITH THE HELP OF A REVERSE MORTGAGE
May 22, 2019
If you’re looking to retire in style, Nilson Homes has got you covered! Our beautiful communities are conveniently located and have a little something for everyone. When it comes to aging in place, we’ve got many great choices like The Fields at Green Farms and Town Point.
The Fields at Green Farms
One of our newest communities, The Fields at Green Farms is single level living at it’s finest! Located in West Haven, Utah, each home is designed using one of our gorgeous patio home floor plans. Residents will enjoy the feeling of living in the country while still having easy access to local amenities. The freeway is just a short drive away, allowing for quick access to Odgen’s shopping and restaurants.
Other highlights of this community include:
- Garbage, snow removal, and lawn care included in HOA fees
- Fully landscaped and fenced yards
- Access to 8 miles of local trails
- 40 acres of open space within the community
- 3 unique elevation choices
Town Point
A superb patio home community, Town Point is located in the heart of Clinton City, Utah. Its location puts it within walking distance of shopping, medical facilities, and banking services. Also positioned nearby are many wonderful options for dining, shopping, and recreation. Each home includes 3 bedrooms and 2 bathrooms, with some plans including the option to add a bonus room for extra space.
Other highlights of this community include:
- Lawn care and snow removal covered by the HOA
- Full landscaping
- Fully fenced backyards
- 9 floor plans to choose from
The best part about building or purchasing a home by Nilson Homes? You may qualify for a reverse mortgage!
WHAT IS A REVERSE MORTGAGE?A reverse mortgage is a loan that does not require monthly mortgage payments to be made. Instead, borrowers pay a large down payment to secure the loan. This allows the borrower to live out the rest of their life comfortably in their home with one less payment to worry about. Unlike in the past, today’s reverse mortgages don’t have a “due” clause. That means loan holders may live out their remaining years without making any payments. Once the borrower passes away, the heirs have three options:
- Sell the home and pay off the loan. This option also makes them entitled to any equity left over once the loan is paid in full.
- Walk away without penalty if the home is upside down or has no equity.
- Purchase the home at market value.
Be at least 62 1/2 years old.
In order to qualify for a reverse mortgage, the loan holder must be at least 62 1/2 years old. Anyone else living in the home must be at least 62 1/2 years old as well, even if they are not a loan holder.
Have a sizeable down payment or equity.
To qualify for a reverse mortgage, you must be able to pay a large down payment or have equity. The amount needed for a down payment will depend primarily on the cost of the home and the age of those living in it.
Meet the minimum income requirements.
Reverse mortgages don’t require monthly payments. However, loan holders will need to have enough income to cover expenses like taxes, insurance, and HOA dues.
Live in the home full time.
Loan holders must live in the home full time for at least a year. If the lender finds out you are not living on the property, you will be in default and the loan will become due in full immediately.
Does a reverse mortgage sound like it might be the right option for you? Nilson Homes recommends meeting with a qualified lender to see if you satisfy the requirements. The lender will be able to walk you through the finer details and answer any questions you may have. To learn more about our Nilson Homes communities or to set up a time to tour an available home, please contact our team.
