Toll Free: (800) 449-2022                          

The Federal Housing Administration (HUD) will now allow seniors to use a Reverse Mortgage to purchase real estate.  Put the least amount down on your new home purchase and have no mortgage payment for the rest of your life. 

Who Qualifies? 

•  Minimum Age 62 
•  Must occupy property as primary residence 
•  No income or employment is needed to qualify 
•  Good credit is not required 
• Can own up to 4 dwellings 

Using a Reverse Mortgage allow seniors to purchase a new home as if they paid cash.  After the home is purchased monthly mortgage payments are not required on the outstanding balance.  Why not move close to family when the need arises, down size into something smaller or just get a home that's newer and better then what you currently own. The only monthly out go would be taxes, homeowners insurance and HOA dues if the home is located in a Home Owner Association. 

The down payment requirements are based on age and current interest rates.  The older the senior and the better the interest rate, the less of a down payment.   For an accurate amount on how much of a home you could purchase call us at 1-800-449-2022

 Seniors can also make payments on the Reverse Mortgage to get a tax deduction after the program is in place. A  Reverse Mortgage will never be foreclosed upon due to non-payment if the senior is living in the home. 

For more information visit: HECM for Purchase Frequently Asked Questions. 

Eligible Property Types Include: 

•  Single Family Residence 
•  Condo 
•  Townhouse 
•  2-4 Unit Multi Family 
•  Manufactured home 

What are some benefits of using a Reverse Mortgage to purchase a home? 

• The title of the property always remains in the homeowner's name, never changing ownership. 
• The home can be sold at any time without a pre-payment penalty. 
• Employment or income is not needed to qualify. 
• Good credit and credit score is not required. 
• No monthly mortgage payment on the outstanding owed balance. 
• A Reverse Mortgage is only due when both homeowners pass away, sell the home or both choose to vacate the property. 
• A Reverse Mortgage can not go into foreclosure as long as a senior is living in the home.  Considered a non-recourse loan. 
• Can be paid like a regular mortgage for a tax deduction or to limit the amount added to what is owed.