Buy a home with a reverse mortgage? Yes you can. In a nutshell it requires a large down payment and than no monthly mortgage payments required on the balance of their loan for the rest of their life.
The dollar amount the borrower qualifies for is based on their age, prevailing interest rates, the purchase price of the home, and the ability to pay for their property expenses (taxes, insurance, homeowners association) on their own.
Currently the minimum age to qualify for a reverse mortgage is 55 years of age. There are other reverse mortgage loan options where the minimum age is 60 and 62. It’s important to know how each loan option works and what loan amounts are available prior to looking for a home.
Most Realtors don’t know this loan option is possible but it is catching on. Since the new mortgage payment isn’t taken into consideration when it increases buying power and allows seniors to keep more cash in their pocket.
Take a look at the purchase loan estimator flyer below I’ve attached and if you would like to get an idea on how much you qualify for, click here to use my calculator on my site and if you would like more information on this option, please feel free to drop me an email or give me a call, I’m here to help.
All the best,
Kevin Walton
C2 Reverse
805-276-1942