REVERSE MORTGAGE FOR HOME PURCHASE
Updated: Jan 18
Did you know you can use a reverse mortgage to purchase your new home?
If you are 62 , or older, the reverse mortgage does not require you to make a payment
until the last remaining borrower leaves the home permanently. You will need a sizable downpayment, able to afford the property taxes, homeowners insurance, all upkeep related items and submit all normal financial documents. They calculate your investment by difference between the principal limit and the sales price , plus closing costs This is a non-recourse loan. Your estate will never be required to pay back more than your loan plus accrued interest. There are rules and restrictions, so talk to a qualified lender. This might be an opportunity to help you move without placing a burden on your finances.