The federally-insured purchase reverse mortgage program allows Americans age 62 and over to downsize, upsize, move closer to family and friends, live in homes more suitable for their needs without having to purchase a home for all cash and requires no monthly mortgage payments for the life of the loan. (You must continue to maintain property taxes and insurance)
Reverse Mortgage Purchase Calculator: This calculator will estimate your required down payment which includes all closing costs & upfront mortgage insurance. The amount of down payment is based on the youngest spouses age and location of the property.
Purchase Programs: All Reverse Mortgage currently offers $0 Origination Fees maximizing your purchase power while keeping your down payment requirements to a minimum.
Down Payment: This is the amount of funds you are able to commit on your new property. The down payment on a purchase reverse mortgage can come from proceeds from another sale of real estate, sale of other personal property, or cash on hand including 401k, stocks, savings, bonds etc. Gift funds from Family are acceptable.
Working with a Realtor? If you are ready to make an offer on a property and need help explaining to Realtors and sellers how the reverse purchase program works and how it will actually benefit all parties, please contact us.
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If you would like to be pre-qualified for the hecm purchase program, please give us a call Toll Free (800) 565-1722 or complete our online application
*Purchase Reverse Mortgage calculations are for illustration purpose only and are not an offer to lend. If you wish to receive a formal quote with an estimate of all loan charges, as well as an amortization schedule that will show interest accrued year by year please submit your information in the 3rd step of the calculator screen.