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home purchase: Using a Reverse Mortgage to Purchase a New Principal Residence - 01/31/11 02:02 PM
A HECM for Purchase is the FHA insured reverse mortgage that allows seniors, age 62 or older, to purchase a new principal residence using loan proceeds from the reverse mortgage.  The  program became effective January 1, 2009.  Previously, if a senior wanted to use a reverse mortgage to purchase a new principal residence, they had to secure financing for the home and then turn around and pay off that mortgage with a reverse mortgage.  The disadvantage was that it required two closings and the borrower incurred two sets of fees for the transactions. The new program - HECM for purchase - … (0 comments)

home purchase: Did you know that a reverse mortgage can be used in a home purchase? - 11/29/07 04:35 PM
It seems counter-intuitive that real estate professionals would need to know about reverse mortgages.  After all, the purpose of a reverse mortgage is to help KEEP someone in his or her home, right?  Actually, a reverse mortgage can INCREASE a Realtor's® business.
How?
You can double your business by listing the senior's home and helping them buy another one WITH a reverse mortgage.  Of course, the transaction has to be structured correctly (I can tell you how).  The important thing to know is that a reverse mortgage can be used in combination with the proceeds from the sale of a home or … (8 comments)

 
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Sylvia Williams, Ed.D

Elk Grove, CA

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Reverse Mortgage Consultant

Address: Elk Grove, CA, 95624

Office Phone: (866) 523-1959

Cell Phone: (916) 719-4683

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Information, Insight, and Education on the reverse mortgage program. Be sure to subscribe so you can catch posts! Moving Forward in Reverse with Sylvia Williams



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