Reverse Mortgage Purchases
You may have heard of Reverse Mortgages, but did you know there is such a thing as a Reverse Mortgage Purchase?
Reverse Mortgage Purchases are one of the fastest growing but relatively unrecognized areas of the Real Estate Market. There are 76 million baby boomers, many of whom will be candidates for a reverse mortgage in the future.
Reverse Mortgage Purchase
- 62 years of age or older
- No income documentation* Some restrictions may apply
- Credit liabilities not an issue
- No seller-paid closing costs allowed
- Down payment based on age, interest rate and appraisal
- Buyer only pays taxes and insurance, no house payment
- HUD counseling required
The Reverse Mortgage Purchase program also enables senior homeowners to downsize to homes that suit their needs while lowering their living expenses.
To find out more about the benefits of a Reverse Mortgage Purchase, including how a reverse mortgage could increase your buyer’s purchasing power, call us today for a no-obligation loan consultation.
