Using a Reverse Mortgage to Purchase a Home

Did you know that if you are a senior borrower, aged 62 and over you can use a reverse mortgage to purchase a home? Many seniors are still unaware of the fact that they can purchase a new home or second home/vacation property using a reverse mortgage. This enables borrowers to purchase the home, you don’t have to pay 100% cash for the home and you still never have to make a mortgage payment for life!

Many senior borrowers are set with their current homes and have no desire to move. However, there are also a growing number who need to downsize, have decided that their current home just doesn’t fit their needs and can’t easily be changed to do so (like wheel chair access or multiple stories) or have amenities that they wish to get away from that they no longer desire (like large lots with pools and excessive landscaping, etc). Some wish to keep their current homes but want a second home near children and grandchildren, near favorite activities, or in climates more favorable during certain times of the year. But with no steady income streams and the fear of starting again with mortgage payments, many have thought that they just can’t buy the properties they want. Some are almost in a position to buy these homes, but it would take all their available savings and they do not want to use all their funds. The reverse mortgage has become an excellent tool for these seniors to purchase the homes they desire without qualification requirements and with no payments for life – all without having to pay for the homes outright.

So if you or a loved one are 62 or older and are looking to buy a new primary residence or second home or always wanted to downsize but never thought you could actually do it and still get a home you would be happy with, give me a call and I’ll be happy to answer your questions.

Tags: buying in Sandy, buying in South Jordan, down payment, financing, Mortgages

Posted on Wednesday, May 19th, 2010 at 3:36 pm and is filed under Buy a House, Homes, Mortgages, Property Investment, Questions and Answers, Real Estate, Vacations. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.