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10 Tips for Using a Reverse Mortgage for Home Purchase

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Are you planning to use a Reverse Mortgage to Purchase a Home?  The following tips will be handy... The sale must be an “Arm’s Length Transaction” which means that you must be buying from a totally unrelated third party.  Purchases involving family members are not eligible. Has the property recently sold?  The property cannot have been sold less than...
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The Realtors Guide to Reverse Mortgages for Home Purchase

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Because more borrowers can buy homes and that helps your buyers over the age of 62, it helps your sellers and it helps you! Many real estate professionals have been skeptical of reverse mortgage purchase transactions if they have even heard of them at all, simply because they didn’t know anything about them. Some heard a horror story from “somebody...
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Here’s an Ideal Reverse Mortgage Purchase Example

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There is one financial tool available to borrowers age 62 and over that is not brand new but is often overlooked and that is the HECM for purchase or Reverse Mortgage Purchase Program. The HECM ("Heck-um") is HUD's acronym for the Home Equity Conversion Mortgage and it allows borrowers to not only refinance and eliminate loans on their existing...
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Reverse Mortgages for Purchase in Texas Now Approved!

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As the last state in the union to approve it, Texas voted in early November to allow the reverse mortgage for purchase product to be offered to its residents and those moving to the state. Texas has lagged other states that have long offered this type of reverse mortgage loan, due to longtime homestead laws that place certain barriers...
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Reverse Mortgage Purchase: Down Payment, Limits & Rates

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Wondering what a reverse mortgage is, and whether it can be used in the purchase of a new home? It sure can, in a process called a Home Equity Conversion Mortgage Purchase. Basically, a new home is bought at the same time a reverse mortgage is taken, and the transaction is rolled into one. The Reverse Mortgage Purchase is...
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Using a Reverse Mortgage Purchase for New Construction

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CAN YOU HAVE A CONTRACTOR BUILD A BRAND NEW HOME FOR YOU AND FINANCE IT WITH A REVERSE MORTGAGE UPON COMPLETION ? THANK YOU -BOB Good Afternoon, The short answer to your question is, yes you can.  However, there are several things that you really need to keep in mind when you undertake such an action and I...
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Purchase 2-4 Units with a Reverse Mortgage for Lifetime Cashflow

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For retirees considering a move in their later years either to downsize or to be near family or friends, there’s a government insured loan available that allows them to take out a reverse mortgage and purchase up to 4 units in a  single transaction. The Home Equity Conversion Mortgage (HECM) for Purchase allows borrowers who are 62 or older...
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How to use a Reverse Mortgage for Home Purchase

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How to use a Reverse Mortgage for Home Purchase Many borrowers and real estate professionals have never used a reverse mortgage to purchase a home or been involved in a transaction where one was used. This promotes a bit of uncertainty on the part of real estate professionals, sellers and some buyers when it seems that the whole process is...
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All Reverse Mortgage® to Buy in Del Webb Community

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An All Reverse Mortgage® Client Success Story in Del Webb Active Adult Retirement Community  Nancy D’Angelo first heard about using a reverse mortgage to buy a home through some friends with a problem: They were moving from the South to Orange County, Calif., where sky-high real estate prices meant they couldn’t cover the cost of a new home just...
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The Reverse Mortgage Purchase Guide for Real Estate Professionals

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Reverse Mortgage for Home Purchase A Guide for Real Estate Professionals By All Reverse Mortgage® At All Reverse Mortgage®, we're looking to partner with you in educating and helping mutual clients to purchase their retirement home. We have seen how knowledgeable real estate professionals have increased their market share and sales by simply identifying this buyer, you will find yourself with...
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