Reverse Mortgage For Purchase
January 2009 HUD instituted a new program for Seniors (Age 62 or older) to purchase a new principal residence and obtain a reverse mortgage within a single transaction by eliminating the need for a second closing.
The program was also designed to enable senior homeowners to relocate to other geographical areas to be closer to family members or downsize to homes that meet their physical needs, i.e., handrails, one level properties, ramps, wider doorways, etc
A Reverse Mortgage main concept is to have NO MORTGAGE PAYMENT. Now HUD is saying that Senior Citizens can buy homes or downgrade to a smaller home without ever making another mortgage payment as long as they live.
- The Housing and Economic Recovery Act of 2008 gives Unprecedented Consumer Safeguards With No Credit or Income Qualifications.
- Lower Fees than before
- Never Give Up Title to Home!
- Never Owe More than Home’s Value!
- Never Have to Move
- Never Make a Payment aslong as you live or sell/move the house!
Senior has $125,000 in equity but wishes to move. REALTOR lists and sells departure home. REALTOR writes contract on new $350,000 home by combining $125,000 down payment with $225,000 reverse mortgage purchase money:
SENIOR HAS NO MONTHLY PAYMENT!!!
Reverse Mortgages are now becoming more and more suitable for Seniors and with the New Reverse Mortgage for Purchase, A Senior Citizen doesn’t ever have to worry about losing the house or making another mortgage payment.