Reverse Mortgage

The reverse mortgage purchase program helps home buyers fulfill their dreams of buying a home without having to worry about affording a monthly, mortgage payment. This leaves you with more money to spend on your other expenses and provides peace of mind. Our experienced reverse mortgage specialists can make your dream of home ownership a reality! Read our blog to learn more information about purchasing a home with a reverse mortgage.

Reverse Mortgage for Purchase Advantages

• You can live in your home without ever making a monthly mortgage payment!*
• You will never owe more than the market value of your home.*
• You can purchase a home with NO credit or income qualifications!

*Real estate taxes, homeowner's insurance and home repairs are still your responsibility with a reverse mortgage. If you do not remain current on these payments, your reverse mortgage can become due and payable. Otherwise, you will not make any payments on your reverse mortgage until you permanently leave your home. Once the loan is due, your home will most likely be sold to cover the costs of your reverse mortgage. Any costs the sale proceeds do not cover will be paid from the FHA's insurance fund. If you leave your home to heirs, they will be responsible for repayment of the mortgage.

Reverse Mortgage for Purchase Transaction Details

• Home must meet FHA property requirements and be your primary residence.
• Necessary repairs must be completed by the seller prior to closing on the home.
• Forms of down payment include cash assets, gift funds, tax-deferred retirement accounts.
• Other forms of down payments can be used, but must be approved by the lender.
• Sellers cannot provide concessions or financing.

• If you come across a term you are unfamiliar with, go to our glossary to find the definition.

Reverse Mortgage for Purchase:
Eligible Property Types

• FHA approved Condos
• Single Family Residences
• Manufactured Homes that comply to all FHA regulations
• 1-4 Unit Homes where a Certificate of Occupancy has been issued

Reverse Mortgage for Purchase:
Ineligible Property Types

• Cooperative Units
• New construction with no certificate of occupancy
• Boarding Homes
• Bed & Breakfasts
• Other homes intended to be used as hotels or transient properties

• See our Reverse Mortgage Eligibility/Requirements to learn what you need for a reverse mortgage.

• See our Reverse Mortgage Purchase Frequently Asked Questions to learn more.