Puchasing a New Home With a Reverse Mortgage

Pamela, 65, had sold her old farm home months ago, shortly after her husband's passing and had received approximately $70,000 from the sale. She was living with her daughter while looking for a smaller house that she could maintain by herself and had found a $120,000 house in which she was interested. She wanted to purchase the home, but did not want to have a mortgage payment. One of her friends had told her about Senior Reverse Mortgage.com, so she decided to visit the website to see if they would be able to help with her unique situation.

After speaking with a loan specialist, she decided that the federally insured reverse mortgage for seniors purchase program seemed like a good fit for her. She would have to make a down payment on the new home of about $53,033 in order to qualify for the program. After the down payment, she would never have to make a monthly mortgage payment again as long as she lived in the home and stayed current on taxes, insurance, and repairs. In the end, Pamela was not only able to obtain a new home without taking on new mortgage payments, but even had money left over to place in college funds for her grandchildren.