Our sister company, Mortgages in Merida, can offer you loans in dollars or in pesos. They can arrange financing anywhere in Mexico, and as a U.S. Based Lender, they can also help you with a FHA, VA or Reverse Mortgage in the States.
FHA and VA loans are for the purchase or refinance of U.S. properties. A Reverse Mortgage is only available for borrowers who are 62 years or older and is designed to allow you to tap your equity in a home you already own. It requires no repayment until you sell your home or you die. Proceeds from a Reverse Mortgage can be used in any matter you see fit.
Other options for financing a home in Mexico are investing in a Mexican home using funds in your IRA or Roth accounts (allowable without penalty), or using a Non- Recourse Stock Loan (if you have substantial equity in medium to high-volume stocks, this could be a very attractive option for you).
U.S. and Canadian lenders are currently requiring a minimum of a $50,000 USD loan amount with 20% down. The interest rates are currently between 7.5 %and 9% for a 3, 5,10,15, 20 or 25 year term.
The average Mexican banks can loan on an amount as little as $10,000 with 20% down, giving you between 11 and 13% interest at a 15 year term.
Remember, the interest paid on your second home can be tax deductible, but of course we insist that you check with your personal tax advisor.
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