Reverse Mortgage for Purchase – New Florida Mortgage

A Reverse for Purchase mortgage is an FHA-insured loan that allows a senior, age 62 or older, to buy a house by paying about 50%* down, with no future mortgage payments*. Homeowners must continue to pay property taxes, homeowner’s insurance, and any applicable HOA dues.

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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Reverse mortgages have been around for nearly 20 years, but it wasn’t until the current financial crisis that they caught on. Seniors are turning to these loans to tap the equity in their homes and.

Use the search tool below to locate lenders in your state (specifically the state in which the property is located). All lenders are members of the national reverse mortgage lenders association, licensed to originate reverse mortgages in the states in which they are listed,and have signed NRMLA’s Code of Conduct & Professional Responsibility

A Home Equity Conversion Mortgage (HECM) for Purchase is a reverse mortgage that allows seniors, age 62 or older, to purchase a new principal residence using loan proceeds from the reverse mortgage.

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The reverse mortgage typically covers 38 to 71 percent of the new home’s purchase price, says Julie Didyoung, a HECM for Purchase specialist at Reverse Mortgage Funding. The buyer must come up with.

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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.

Reverse mortgages have been around for nearly 20 years, but it wasn’t until the current financial crisis that they caught on. Seniors are turning to these loans to tap the equity in their homes and.

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