Typically, reverse mortgages are used as a way for seniors to draw income from property they already own. But did you know that they can also be used to buy a new home?
One of our lending experts, Neil Sweren, VP of Reverse Mortgage Lending for Southern Trust Mortgage, just published a new blog discussing how seniors can use a reverse mortgage to finance the purchase of a new home. Check it out:
The county’s housing market remains on track to post its best year since 2007, and one previously moribund development in Chester is making a solid comeback on the strength of this year’s buyer demand.
The activity this year has been widespread, with sales in more than 700 of the more than 1,300 developments officially listed by the county government, along with more than 200 properties transferred that are not in any development. The figures include both new and existing homes.
One subdivision that didn’t add much to the countywide total the past few years saw its sales take off this summer after its new owner launched a rejuvenated sales effort.
“It’s been incredible,” said Dotti Houlihan, sales and marketing manager for Cornerstone Homes, the Richmond-based developer of the Villas at Magnolia Lakes. “We can’t build them fast enough.”
Read the FULL article in the Chesterfield Observer!
Fredericksburg just keeps growing! We’re so excited to be able to introduce our Fredericksburg community soon, The Villas at Barley Woods.
According to Fredericksburg.com, the total dollar volume of housing sold in the Fredericksburg market increased 11 percent compared to July 2014!
A total of $151.2 million was sold in July 2015 in the Fredericksburg region, according to MRIS data compiled by the Fredericksburg Area Association of Realtors. That’s up from the same month a year ago, when $135.5 million was sold.
There were 532 closed sales in July, up from 489 units for the same month last year—an 8.8 percent increase!
Contact us today to learn more about our communities in and around the Fredericksburg area. To read the full article, visit Fredericksburg.com.