OCALA, FL (352today.com) – The house was brand new. The certificate of occupancy had just been issued, the builder’s construction loan was still on the books, and the owner had not spent a single night under the roof.
That is the moment he put a reverse mortgage on it. On purpose, as the permanent financing.
Not every reverse mortgage story begins with someone who needs cash. This one begins with a three-story, elevator-equipped home across the street from the ocean, a construction loan waiting to be retired, and a financial advisor who had more than one way to retire it…