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purchase: New Reverse Mortgage Program -- HECM for Purchase - 01/05/09 05:28 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.  This is a new program that 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 - … (9 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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