Reverse Mortgage for home purchase makes sense for Seniors.
Are you aware that you can purchase a new home using a reverse mortgage? It’s a great way to ‘right-size’, move closer to family or services or own a more energy efficient home. Here’s how it works: Your down payment is calculated based on age of youngest borrower, home value and current expected interest rates (home value limit up to the FHA maximum value of $970,800) and the HECM reverse mortgage will take care of the remaining funds needed. The beauty is, you don’t have to make mortgage payments! When the last homeowner leaves the home permanently or you sell, the balance is due which includes the accrued interest and mortgage insurance over the years. So if you sell your home, you can use the proceeds for the down payment and put the rest of the money in the bank for additional retirement savings. You are the owner and can sell at any time or live there for the rest of your life with only having to pay the property taxes, homeowner’s insurance and HOA dues. Thought you were stuck in your old house forever!!! Think again! Click below to learn more.
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