A Reverse Mortgage Purchase can be a good option for an older homeowner to use when buying a home. The Reverse Mortgage Purchase loan is also known as a HECM for Purchase. It’s obviously not the only way to buy a home, but it’s definitely an under served loan option at present.
Often times older homeowners will downgrade to a smaller home from a bigger home. Sometimes they will go from a two story to a more “body friendly” single story home. Alot of times it seems like a good idea to take the proceeds of the sale of their former home and pay cash for the newer, cheaper home. Perhaps it is, but what if you could take a loan and still NOT have a monthly mortgage payment? For some, that might be a better option.
In the articles within this category, we’ll explore what it is and how it works along with some of it’s quirks.
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Many older homeowners are not aware of the HECM Purchase Program. If you’re thinking about buying a home and paying cash, you may want to consider using a HECM for Purchase Loan. First, we will go over the very basics of a HECM (AKA Reverse Mortgage). What is the HECM Program? My intent on this […]
Can I use a reverse mortgage to buy a second home? You can ABSOLUTELY, use a reverse mortgage to buy a second home. However, there is a catch (kind of). Here is the “catch” to the question can I use a reverse mortgage to buy a second home – First of all, The home you […]
HECM for Purchase Changes – Not everybody is aware that you can buy a home with a HECM for purchase reverse mortgage loan. That being said, this short article is not meant to educate you about a HECM for purchase loan. We’ll do that on a separate post. At this point we’re just highlighting some […]