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Home / Blog / Home Purchase / How much is the downpayment required for a HECM purchase?

'Home Purchase' Category Archives

Using a Reverse Mortgage to Purchase New Home

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A browser Phil Smith has sent the following question(s) in the ask experts blog. I wish to purchase a new home for approximately $800,000. What is the difference if I (A) pay cash for the property and then get a $250,000 reverse mortgage or (B) get a $250,000 reverse mortgage as part of the purchase process? I am 72 and my...
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Can a Reverse Mortgage be used to Build a New Home?

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Ken Tighe has sent the following question in the ask experts series.  My wife will be 65 on April 5, 2017 and I was 65 on 2/4/2015. We currently own our home but want to build a new home on a lot we own that will better accommodate us in our advanced age. We have the cash to build the new...
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How does a Reverse Mortgage for Home Purchase Work?

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You've probably heard about a reverse mortgage as a special type of loan that retirees can use to help pay off a mortgage or increase cash flow during their later years. A reverse mortgage can be a safe financial alternative to selling the home in which you live and moving away from family and friends, if it’s staying in your...
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Yes, You Can Purchase With a Reverse Mortgage (Audio Interview)

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Have a question about the reverse mortgage for Purchase? Call us Toll Free (800) 565-1722. Or, use our purchase calculator to see how the loan may work for you. Other Purchase Articles by All Reverse HECM Purchase FAQ’s  HECM Purchase Reverse Mortgage in Today’s Top-10 Retirement Cities 12 Tips Before Purchasing with a Reverse Mortgage

Reverse Mortgage to Purchase a Condo

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ALERT: HUD Announces Condo Changes Effective October 15, 2019! If I want to buy a condo for $200k all cash, can I then borrow against the equity in a reverse mortgage? Could I take out a sum certain each month or do I have to take it out all at once? I am thinking that the savings from not...
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Americans to Move – Reverse Mortgage Purchase Can Help

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Retirement can mean different things for different people. For many, it means moving out of their longtime home and embarking on a new chapter in a different place. Approximately 57% of Baby Boomers, adults ages 49 to 67, say they plan to to move out of their current homes during their retirement years, according to a recent survey from...
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Can You Purchase Reverse Mortgage with Bad Credit?

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Married borrowers  # 1 has good credit-no blemishes # 2 has a bankruptcy with 2 foreclosures 2.5 years ago @1 self employed and @ employed full time. Combined income about $160,000 per year. #1 owns two properties which he intends to sell and use the proceeds from sales as a down payment for a new home for #1 and #2...
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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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