Location: Washington
Submitted 06/05/12 09:47 PM

Q. Has anyone used the FHA HECM for Purchase with a home buyer over the age of 62? No income, no credit, no payment?

 

Answer #1
Submitted 06/07/12 10:09 AM
Rick Robertson, CMPS (Axia Home Loans): Mortgage in Bellevue, WA Rick Robertson, CMPS (Axia Home Loans)
Mortgage
Bellevue, WA

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A.

Yes - this can be a viable alternative to purchase a primary residence in some situations. Note that credit is run in order to check for financial obligations, judgments or liens that could jeopardize title. This can be a solution for borrowers who are downsizing, moving to a single level property, may need mobility impaired accessibility, may be moving to a 50+ community, or who want to purchase a newer home but don't want monthly payments. 
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