Purchase Your Next Home with a Reverse Mortgage

Many of us may dream of making a move during our retirement. Whether it’s to a sunny community down south or closer
to family in the suburbs, there’s a financial solution for those age 62 or older that can help.

Introducing the Reverse for Purchase

What is the Reverse for Purchase?

A Reverse for Purchase is an FHA-insured loan that allows homeowners 62 and older to purchase a new primary residence and obtain a reverse mortgage in a single transaction.

This allows buyers to combine their reverse mortgage proceeds with either the proceeds from their current home sale or other assets, to purchase their new home and have no required monthly mortgage payments on the new property! However, it is important that borrowers understand that just like a traditional FHA loan they must continue to pay their property taxes, homeowners insurance, and maintain the condition of the home.

Common Uses

Many use this product to help move closer to family, warmer climate, or to own a home that can better meet their needs.

Source of Funds

Borrowers commonly use the money from the sale of their current home; funds in their checking, savings, or retirement account; CD’s; or other investments for the down payment amount.

Down Payment

The down payment amount varies based on the age of the youngest borrower. The older the borrower, the less they would potentially need to put down.

Am I Eligible?

  • One borrower must be at least 62 years old
  • Home must be your primary residence
  • Must meet the down payment requirement
  • Home must be a single-family residence, multi-family house, townhouse, FHA-approved condo or manufactured home
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Talk to a Reverse Mortgage Expert Today

We’re here to answer any questions or concerns you may have about a Reverse Mortgage. Call us direct or fill out the form on the contact page to have a reverse mortgage specialist contact you.