A Reverse Mortgage can provide seniors age 62 and older a way to buy a new primary residence.
For many, the reverse mortgage for purchase offers a more “relaxed” qualification, making closing smoother.
A reverse mortgage can significantly increase buying power for a cash buyer and/or allow others to purchase a larger home with the desired amenities.
Like all reverse mortgage loans, monthly mortgage payments are not required as long as at least one borrower remains in the home as a primary residence and complies with the terms of the closing agreements.
The borrowers will also be responsible for maintenance, payment of property taxes, insurance, and HOA dues, if any.
This material is not from HUD or the FHA, and this document is not approved by HUD or by the FHA or any other Federal Agency. Not available in all state. Contact your loan officer for more information.