THE "PURCHASE" REVERSE MORTGAGE PROGRAM
To Qualify for the Purchase Reverse Loan you must be 62 or
Older and live in the home you are purchasing. Minimum
down payments vary between 25-38% of the home sales
price (appraised value), depending on your age. The older
you are, the less down payment is required. This is an FHA
Insured HECM Equity Loan, so your age and Down
Payment (Equity Position) are the only requirements,
provided the Home appraises for the Sales Price.
If you have an existing Home you want to sell, you can
use your equity from the sale for the down payment to
purchase another home and receive the balance of your
equity in Cash. As such, there would be NO LOAN
PAYMENTS - Ever!
You can also keep your existing home and purchase
another home using the Purchase Reverse HECM Loan, but you must live in the newly purchased home within 60 Days. You would have to pay a 25-38% down Payment (as stated above). Under this plan, you wouldn't have monthly loan payments!
We can help, so Contact Us.
Here's how to calculate the minimum Down Payment to obtain the No Payment Purchase Loan.
|Zip Code Of Home|
|Sales Price/Appraisal of
|Age of Youngest Borrower|
|For Minimum Down Payment