PURCHASE A HOME WITH A REVERSE MORTGAGE...

AND NEVER MAKE A MORTGAGE PAYMENT AGAIN!

The 2008 Economic Stimulus Legislation made significant improvements to the federally-insured Home Equity Conversion Mortgages – HECM reverse mortgage. If you are aged 62 or older you may now purchase a home using a reverse mortgage in a single transaction with no income or credit verification and no monthly mortgage payments.

What are the Benefits of Purchasing a Home with a Reverse Mortgage?

• Preserve savings and increase cash flow with
  reverse mortgage
• No monthly mortgage payments are required
• There is no income or credit qualification
• You keep title to your home, not the bank
• Your home purchasing power is increased
• You continue to benefit from your home’s appreciation
• There is no repayment until the home is sold or the last borrower permanently moves out or passes away

Is a Reverse Mortgage Home Purchase Right for Me?
The Reverse Mortgage for Home Purchase has been designed to meet specific needs of seniors.

• Purchasing a new home
• Moving to a new locale
• Downsizing
• Preserving cash flow
• Maintaining quality of life

You may want to move closer to your children, purchase a home in a warmer climate or improve the quality of your life.
You can! All while –

• Increasing your purchasing power
• Eliminating monthly mortgage payments
• Generating monthly income or a line of credit.

“Must I be 62 years old to qualify?”
Yes, just like a traditional reverse mortgage, all borrowers must be at least 62 years old to qualify.

“How much will the reverse mortgage give me towards the purchase?”
Your benefit is based on a combination of the following:

• Age of the youngest borrower on the title
• The current interest rate
• The lesser of the appraised value, actual sales price, or the FHA lending limit

“Will there be any out-of pocket expense?”
You must make a down payment for the difference between the amount of cash eligible from a reverse mortgage and the cost of the home you are purchasing, plus any loan related fees that are not financed.

“What type of home may I purchase with a HECM Home Purchase?”
You may purchase any existing one to four unit property, including condos, where construction is complete and suitable for occupancy.The home must be your primary residence!

For instance...
Sale price: $400,000
Age: 65 Years Old
Funds required from: buyer $170,155

• No payments for life
• Property taxes & insurance are the responsibility of the homeowner