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Purchase Reverse Mortgages

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The minimum qualifying age for a reverse mortgage is 62

Don’t forget to include your spouse’s age, even if they are not yet 62, as loan proceeds are always based on the age of the youngest spouse.
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'Home Purchase' Category Archives

Reverse Mortgage Purchase: Down Payment, Rates & Eligibility

    10 comments
Reverse mortgages are a popular choice for individuals looking to remain in their homes as they age.  However, a unique variant—the Reverse Mortgage Purchase—enables borrowers to buy a new home without paying all cash or taking a traditional mortgage.  Opting for a Reverse Mortgage Purchase can be particularly beneficial for various life situations.  Many find it an appealing option when...
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Using a Reverse Mortgage Purchase for New Construction

    22 comments
Can a contractor build a new home for you and finance it with a reverse mortgage upon completion?  Thank you -Bob The short answer to your question is, yes, you can.  As a matter of fact, HUD has just made changes to the program effective in 2024 and made financing reverse mortgage purchases and new construction easier than ever...
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Purchase Reverse Mortgage Purchase FAQs (Updated 2024)

    3 comments
Q. What is a Purchase Reverse Mortgage? Reverse Mortgage for Purchase allows seniors, age 62 or older, to purchase a new principal residence using loan proceeds from the HECM (Home Equity Conversion Mortgage) Q. What is the purpose of the program? The Purchase Reverse Mortgage program was designed to allow seniors to purchase a new principal residence and obtain a...
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6 Reasons to Downsize (or Rightsize) with a Reverse Mortgage

    no comments
As we grow older, our housing needs and preferences often change/evolve.  The family home that once fulfilled all our needs and still holds a lifetime of memories may begin to feel impractical or burdensome as our family sizes and physical needs change.  This is where downsizing, “rightsizing,” or even a move to a more advantageous location is often the best...
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Purchase 2-4 Units with a Reverse Mortgage for Lifetime Cashflow

    14 comments
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 to...
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Here’s an Ideal Reverse Mortgage Purchase Example

    5 comments
One financial tool available to borrowers age 62 and over that is not brand new but is often overlooked is the HECM for purchase or the 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 homes or obtain cash...
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The Realtors Guide to Reverse Mortgages for Home Purchase

    2 comments
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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10 Tips for Using a Reverse Mortgage for Home Purchase

    2 comments
Are you planning to use a Reverse Mortgage Purchase?  The following tips will be handy... The sale must be an “Arm’s Length Transaction, " meaning you must buy 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 6 months prior to this...
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Reverse Mortgages for Purchase in Texas Now Approved!

    2 comments
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 on...
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How to use a Reverse Mortgage for Home Purchase

    8 comments
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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