It is new, it is exiting, it is REAL... Reverse Mortgages are now available for purchase in ONE single transaction. People no longer have to buy first and refinance later. Doing Reverse Mortgage purchase in a single transaction will save money.
Let's look at an example:
Mr. Jones wants to downsize and purchase a smaller home. He is 71 years of age. He has 2 options
Purchase home by obtaining conventional loan and then refinance that loan into reverse mortgage.
This option is great, however now Mr. Jones has to pay closing cost twice.
Mr. Jones can purchase home in one single transaction without paying closing cost twice.
Reverse mortgage is great option for many seniors because it is often difficult for seniors to secure conventional financing. Many conventional lenders are now looking for plenty of income, great credit scores, and a hefty down payment. Reverse mortgage, on the other hand does not take into consideration credit, income, or assets. However, It does require a hefty down payment.
The best thing is that when a senior purchases home with a Reverse Mortgage he/she will never have to make a mortgage payment for as long as he/she lives. Even though there are many reverse mortgage programs out there, it is very important to consider Government backed reverse mortgage called HECM.
We have been working with reverse mortgages for over 7 years and we only concentrate on Government backed reverse mortgages (HECM)
If you have any questions, the best way to contact me is by e-mail email@example.com or phone 386-627-1348