We are going to show you how to buy a home with a Reverse
using the HECM for purchase
You will be able to watch a free video below and
download a slideshow to further explain the reverse mortgage purchaseloan
to buy your next home.
Television commercials focus on one specific use on Reverse
, which is using it as an income supplement. However, the HECM Reverse Mortgage
, can be used in several different ways
for various situations. Several years ago, the home next door to
me went up for sale and it was a perfect fit for my senior aged parents.
However my parents would be short roughly $150,000 from the sale
of their home to payoff the new home next door to me.
They didn't have the difference in cash, and due to a lack of
income, they couldn't qualify for a traditional home loan. I got to
thinking that there had to be a program for senior citizens who have
a 50% down payment to buy a home and I found that they could use
the HECM Reverse Mortgage to buy a home.
It may turn out to be the best senior citizen home loan option
there for those who want options other than just paying all cash for
their next home.
Benefits on using a Reverse Mortgage to buy a home:
1. Not having to pay all cash to buy the home.
2. Typically a 50% down payment is required, and no payments
on the balance owed (each reverse mortgage loan scenario is
uniquely different, borrowers ages, prevailing interest rates,
and ability to repay debts are taken into account to qualify)
3. Getting to keep more money in their pocket from their prior
home sale since an all cash purchase isn't required.
4. Getting to move closer to their children and grandchildren
or a warmer climate.
5. Reverse mortgage loans don't require a monthly mortgage
payment giving the senior more financial freedom. Click the picture
below to watch a free video that explains how
to use the HECM Reverse Mortgage to buy a home
. Click the picture
below for a slideshow you can share with your
Realtor or friends.