Can I Use A Reverse Mortgage To Purchase A Home?
Yes. By using a reverse mortgage for purchase, you can bypass the need to have a traditional mortgage. A reverse mortgage can allow you to purchase a home without making any monthly payments as long as you live in the home. Just like a traditional reverse mortgage, you will remain responsible for property taxes and insurance.
In order to purchase a home with a reverse mortgage, you'll have to have a minimum down payment on the home. The percentage you need for a down payment is determined by your age. The older you are the less you have to put down. Your local mortgage advisor can tell you exactluy how much you will need for a down payment based on your age, the county the property is located in, and the price of the property being purchased.
Find out if a reverse mortgage is right for you.
Reverse mortgages for purchase are available to most homeowners that are 62 years of age or older. To find out if you qualify or to get your questions answered, please contact us for a no-obligation, no-pressure consultation. We're local mortgage professionals that provide straight and honest answers without the hard sell.