Home Purchase Archives

Reverse Mortgage to Buy a New House: How much home can I buy?

April 22, 2014 no comments

Many people take out a reverse mortgage as a way to enable them to remain in their homes while reducing their housing expenses in retirement, but an increasing number of people are using a relatively new type of reverse mortgage to purchase a brand new home that will help them live out that same goal. Even if you already...
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Can You Purchase Reverse Mortgage with Bad Credit?

March 18, 2014 no comments

Married borrowers #1 has good credit-no blemishes #2 has a bankruptcy with 2 foreclosures 2.5 years ago #1 self employed and #2 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 to own...
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Reverse Mortgage Purchase Guidelines: Income & Assets

November 20, 2013 2 comments

Between HUD tightening reverse mortgage guidelines and some reverse mortgage myths that many borrowers have believed, I think now is a very good time to put out a little guide to help borrowers manage their expectations about reverse mortgages. The reverse mortgage is a federally-insured loan. It is not a government grant and although the requirements have always been much easier...
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Reverse Mortgage for Purchase: Adjustable Vs. Fixed Rate Options

April 15, 2013 no comments

If you’re one of the 78 million baby boomers approaching retirement, you may be thinking about downsizing or moving into a home more geared toward aging in place. Some older adults have difficulty obtaining a mortgage to buy a new home, especially if they no longer have steady income from a job. Rather than use a conventional mortgage...
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2013 Update: Reverse Mortgage Purchase in Texas Still Coming…

January 18, 2013 no comments

Update: 11/08/2013 Prop 5 Passes in Texas, But Implementation May Take Longer Proposition 5 passed by a wide margin this week, paving the way for HECM for Purchase to be offered in Texas. To pass, Prop 5 needed approval by 51 percent (50% plus 1) of voters, but the final tally was 62 percent. During the NRMLA Business Meeting, NRMLA...
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Purchase Reverse Mortgages in Texas Are Coming Soon…

October 22, 2012 no comments

Update: 11/08/2013 Prop 5 Passes in Texas, But Implementation May Take Longer Proposition 5 passed by a wide margin this week, paving the way for HECM for Purchase to be offered in Texas. To pass, Prop 5 needed approval by 51 percent (50% plus 1) of voters, but the final tally was 62 percent. During the NRMLA Business Meeting, NRMLA...
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Purchase in Today’s Top-10 Retirement Cities

August 31, 2012 no comments

You may know that a reverse mortgage allows you to withdraw funds from the home equity you have built over time to help improve the quality of life in retirement. What you may not know is that you can also use a new kind of reverse mortgage to purchase a home in one of the top retirement destinations in the...
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Relocate with a Reverse Mortgage for Home Purchase

October 14, 2011 5 comments

As they age, many seniors gravitate toward warmer climates, family, or retirement-friendly areas, but dwindling income may make it difficult to relocate. The circumstances are ideal for considering a Reverse Mortgage for Purchase loan. This program allows people aged 62 or older to buy a house that they will use as their primary residence, using the proceeds from a Reverse...
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