Can I use a reverse mortgage loan to buy a home?
You Sure Can! It's called a Reverse Purchase Mortgage.
With as little as 50% of a purchase price, qualifying seniors can utilize a Reverse Purchase Mortgage, (or “Home Equity Conversion Mortgage (HECM) for Purchase” loan), which allows people 62 and older to purchase a new principal residence with HECM loan proceeds.
A Reverse Purchase Mortgage (HECM for Purchase) requires that you be 62 years of age or older and that the home you are purchasing be your primary residence. You will need to have cash available for the down payment, which can be as little as 50% of a homes purchase price, but like all reverse mortgage loans, you will not have to make monthly payments on the HECM for Purchase loan. Imagine paying 50 cents on the dollar to buy a home, and never having a mortgage payment!
Naturally, you will still need to fulfill the reverse mortgage requirements, such as living in the home as your principal residence, keeping the home in good condition, and paying your property taxes and homeowners/flood insurance premiums on time.
Now, you are probably saying to yourself "That sounds amazing! How do I learn more?"
Easy! Pick up the phone and call us at 844-FLA-BEST or email and lets discuss your unique situation to see how Florida’s Best Reverse Mortgage Company can be of service to you.