Effective January 1st 2009, FHA Reverse Mortgage Lenders are now able to finance the purchase of a senior’s new home with a HUD insured Reverse Mortgage. This program could be thought of as the “prudent down-no payment plan” for seniors age 62 or older wishing to purchase a retirement home. The home can be a single family to 4-plex, manufactured home or a condo. Values and purchase price may change per location of property.

Depending upon the senior’s age and value of the home, a down payment of 25% to 50% is usually necessary to purchase the home. The older a senior is, the less needed for a down payment. For instance, a 75 year old could purchase a new home appraised at $200,000 by putting approximately $74,000 down and financed the remaining $126,000 with a Reverse Mortgage. The senior would make no payments until he or she permanently leaves the home.

For more details, or to request an free illustration and outline of the new reverse mortgage purchase option, please call 1-888-973-8377 or Request an Information Packet.

This entry was posted on Monday, January 5th, 2009 at 1:06 pm and is filed under Reverse Mortgage News. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.