Your City, Your State Reverse Purchase Loan
Reverse Mortgages are a great way to purchase a home in Your City, Your State without having to make any kind of monthly loan payment.
Once we have established that you are eligible for the Reverse Mortgage Program, we'll run your purchase scenario through a pre-approval process to determine the amount of a mortgage you qualify for.
A HUD HECM Reverse Mortgage allows you to buy a home and not have a conventional mortgage payment.
Purchasing With A Reverse Loan
A HECM for purchase allows seniors, 62 or older, to purchase a new primary residence using proceeds from the reverse mortgage. The program was designed to allow seniors to purchase a new primary residence and obtain a reverse mortgage in one transaction. Also, the program designed to enable senior homeowners to relocate to other geographical areas to be closer to family members or downsize to homes that meet their physical needs, i.e., handrails, one level properties, ramps, wider doorways, etc.
Some Eligibility Requirements Include:
- All owners must be at least 62 years old
- The home must be your primary residence
- The home must meet HUD's minimum property requirements
There are options available for your downpayment. They can be gift funds from family members, money obtained from the sale of assets or the sale of your current home.
Eligibility Required For A Your City HECM Reverse
Reverse Mortgages are a great way to turn your equity in your home into cash without having to make any kind of monthly loan payment. Many seniors find themselves wanting to move to warmer areas, near family or to a retirement community. A HUD HECM Reverse Mortgage allows you to buy a home with minimal qualification requirements.
The program allows Americans age 62 and older to buy a house as a primary residence using the proceeds from a Home Equity Conversion Mortgage (HECM) eliminating the need for any type of conventional mortgage payments. The program is designed to allow you to be able to purchase your new principal residence and obtain the Reverse Mortgage with one signal transaction.
The HECM programs allow you to buy a HUD approved property.
The down payment on your new home will not be determined solely on the purchase price of the home. It will be based on a factor of your age, interest rates and the lesser of the home's appraised value or purchase price. There are national lending limits imposed by the FHA.
The government insures and regulates the HECM reverse mortgage loan. They saw a big shift in seniors selling their homes and buying smaller more affordable ones and then taking out a Reverse Mortgage on their new properties. These government backed new home Reverse Mortgages are no recourse loans. This means if the borrower defaults, the lender can only sell the property to recover the money. The downside to buying a property with a Reverse Mortgage is that you will have a higher down payment required of you.
If you are considering buying your primary residence with a Your City, Your State Reverse Mortgage contact one of our professionals at 888-537-8928 to discuss your options.