HECM for PURCHASE If you are 62 years and older, you can purchase your next home with a Reverse Mortgage. On January 1, 2009, HUD opened the reverse mortgage up and began to include the purchase of a home using a Reverse Mortgage. This new type of reverse mortgage is also a FHA insured non-recourse mortgage. This program is exciting as now you can buy a home putting down a fraction of the home’s purchase price at closing. The balance of the purchase price will be handled by the reverse mortgage. Best of all, you won’t have a monthly mortgage payment for as long as you live in the home as your primary residence. The amount of reverse mortgage funds is based on the age of the youngest borrower, the value of the home, and the current interest rate.

General Info

Seniors-Use the equity in your home for retirement years, ease your budget crisis. FHA Insured Program. No house payments, a loan that doesn’t have to be paid back as long as you live in the home. Retain ownership of your home. No income qualifications, or Credit history requirements. No Restrictions on how you use the funds.

Hours

Regular Hours

Mon - Sun:	Open 24 Hours

Categories

Real Estate Loans, Loans, Mortgages, Reverse Mortgages

Brands

Reverse Mortgage

Location

Reverse Mortgage: Here are a few highlights No monthly mortgage payments No income requirements No credit score requirements FHA insured Title stays in your name Closing costs may be included in loan

Amenities

How do I receive my proceeds from a reverse mortgage? You have several options: Lump sum - a lump sum of cash at closing. Tenure - equal monthly payments as long as one of the homeowners lives in the home. Term - equal monthly payments for a specified number of years. Line of Credit - draw any desired amount at any time until the line of credit line is exhausted. Any combination of the options listed above.

Associations

Reverse Mortgage

Other Link

http://themoneystore.com