I am available for office seminars or one on one presentations. I teach you how to think outside the box and be aware of the many ways in which a senior 62 yrs. or older might purchase a primary residence with a reverse mortgage. I am always looking to collaborate with those Realtors who have an interest in helping seniors purchase homes, or who are (SRES) Senior Real Estate Specialists. I am here to help you build your business. Often your buyer may not qualify for a traditional loan and I have a way to get those seniors into the home of their dreams.
What is the Reverse Mortgage Purchase Program?
An FHA insured loan (H.E.C.M) that allows people 62 and older to purchase a home without taking on monthly mortgage payments. It is NOT however an FHA loan.
Does the Reverse Mortgage Purchase Pay the Homeowner?
No, the Reverse Mortgage Purchase allows homeowners to purchase a home without taking on monthly mortgage payments, but does not typically provide an income source.
What are people using the Reverse Purchase Program for?
- New Construction
- Borrowers that don’t qualify for traditional financing
How does it work?
- Calculate the down payment requirement based on age, purchase price, and current interest rates.
- Remaining amount is financed through the Reverse Mortgage loan
- Payments are deferred until the home is sold or the last borrower moves out permanently.
What is the approximate down payment requirement?
The amount that is required down is from 45– 50% down depending on their age, purchase price, and current interest rates.
Ask that your client call me: (831) 645-1164 and I can help them pre-qualify.
What are the Requirements?
- Must be Age 62 or older
- Must occupy the home within 60 days of purchase
- Must have 45-50% for down payment depending on age
- No income or credit score requirements ( coming in 2015 ) If a homeowner retains current home before purchasing new income verification is required.
- No Seller Concessions are permitted
What are the Eligible Property Types?
- Primary Residence
- 1-4 units
- FHA approved and non-approved Condos
- Manufactured homes that meet the FHA requirements