Have you found a new home? How will this property be used? How long will you keep this property? What is the purchase price of the new property? What is your estimated down payment? What is your reason for a reverse mortgage? Is there a co-borrower/spouse? For whom is this reverse mortgage? What is your age? What is your full name?
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Purchase Reverse Mortgages As of January 1, 2009 hud began allowing seniors to purchase a new home using a reverse mortgage. This is exciting for seniors, 62 and over who have wanted to purchase a new residence but could not qualify under conventional underwriting standards and didn’t have the money available to buy the house.
A reverse mortgage enables older homeowners (62+) to convert part of the equity in their homes into tax-free cash without having to sell the home, give up the title, or take on a new monthly mortgage payment. The reverse mortgage is aptly named because the payment stream is "reversed."
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A Reverse for Purchase mortgage is an FHA-insured loan that allows a senior, age 62 or older, to buy a house by paying about 50%* down, with no future mortgage payments*. homeowners must continue to pay property taxes, homeowner’s insurance, and any applicable HOA dues.
Reverse mortgages have been around for nearly 20 years, but it wasn’t until the current financial crisis that they caught on. Seniors are turning to these loans to tap the equity in their homes and.
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Reverse Mortgage Purchase Program – hecm purchase mortgage Reverse Mortgage Purchase Program or HECM Purchase Mortgage is a great retirement planning tool that allows seniors, over age 62, to purchase a new primary residence using proceeds from a reverse mortgage, thereby reducing the funds needed to close and avoiding a monthly payment.
If you plan to downsize your existing property, then a reverse mortgage for purchase program can allow you to leverage the money you will get from your old property as a way of ensuring you will not have to make monthly mortgage payments in your new home.