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PURCHASE

Buying a Home with a Reverse Loan

If you are looking to purchase or downsize, purchasing a new or existing home with a reverse mortgage may be an attractive option! There would be no monthly mortgage payments, ever. Only single family residences qualify for this type of loan and the buyer must move in within 60 days. 

​​​Important Details when purchasing with a Reverse Mortgage

  • Only one borrower must be 62 years old.
  • The maximum loan amount is based on
    • current age
    • interest rates
    • value of the home
    • county loan limits
  • Purchase a new or existing home.
  • Fixed or adjustable rates available.
  • The home is in your name.
  • Gift funds are acceptable.
  • Although buyer does not have a monthly mortgage payment, buyer is responsible for paying their property taxes, hazard insurance and any applicable homeowners dues. 
  • Buyers income must be adequate to pay the future property taxes and insurance.
  • The property must be a single family residence. 
  • All repairs must be completed by the seller prior to closing. 
  • There can be no seller concessions in the transaction.