Unbiased Reverse Mortgage & Retirement Information
Category: Reverse Mortgage Purchase
Reverse Mortgage Purchase
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.