Did you know you can use a reverse mortgage for purchase of a new home. Is this the right way to buy into your dream retirement location?
With a Reverse Mortgage, it will take a bit longer for the Lender to know if the Reverse Mortgage meets all of HUD’s guidelines and the loan can close. If you decide to obtain Reverse Mortgage financing for the purchase, you should include in the Purchase Agreement an escape clause in case the property does not meet HUD Guidelines.
NOW, HomeBuyers 60 years of age or older can PURCHASE a House or CONDO as Primary Residence in Florida up to a Maximum Loan of $4,000,000 with Reverse Mortgage Financing.. Both FHA and Proprietary Plan Reverse Mortgages Available.
A reverse mortgage for purchase may help some seniors finance a new place to live.
With the Reverse for Purchase Program from Reverse Mortgage of Florida, it’s possible for seniors to afford their dream home – even if your new home is a move up from your current one. Until now, buying a new home has been a challenge for seniors, who are often limited by fixed incomes.
For those who do qualify, the reverse mortgage purchase can be used as a tool toward funding retirement in addition to moving to a new home that is more suitable for aging in place. Use our Reverse Mortgage for Purchase Calculator to estimate your down payment requirement or call us Toll Free (800) 565-1722. Useful Links:
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Popular Reasons Why Florida Homeowners Are Taking a Reverse Mortgage. Consumers take out reverse mortgages for a variety of reasons. We have compiled a list of the most popular reasons for taking out a reverse mortgage. Keep in mind that you can use the funds from a Florida reverse mortgage for anything and is not limited to the list below. The.
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Reverse mortgages are increasing in popularity with seniors who have equity in their homes and want to supplement their income. The only reverse mortgage insured by the U.S. Federal Government is called a Home Equity Conversion Mortgage (HECM), and is only available through an FHA-approved lender.
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