Reverse Mortgage Home LoanPurchase your next home using the government insured Reverse Mortgage Purchase program and have no monthly mortgage payment. The Federal Housing Administration (HUD) will now allow seniors to use a Reverse Mortgage to purchase real estate. Put the least amount down on your new home purchase and have no mortgage payment for the rest of your life.
- Minimum Age 62
- Must occupy property as primary residence
- No income or employment is needed to qualify
- Good credit is not required
- Can own up to 4 dwellings
What are some benefits of using a Reverse Mortgage to purchase a home?
- The title of the property always remains in the homeowner's name, never changing ownership.
- The home can be sold at any time without a pre-payment penalty.
- Employment or income is not needed to qualify.
- Good credit and credit score is not required.
- No monthly mortgage payment on the outstanding owed balance.
- A Reverse Mortgage is only due when both homeowners pass away, sell the home or both choose to vacate the property.
- A Reverse Mortgage cannot go into foreclosure as long as a senior is living in the home. Considered a non-recourse loan.
- Can be paid like a regular mortgage for a tax deduction or to limit the amount added to what is owed.