Real estate blog entries tagged with hecm by Open Mortgage LLC

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Home : Blogs : Dmitry Perlovich Wealth Building Coach : Wealth Building Coach (Mortgage, Insurance, Credit Repair)-Dmitry Perlovich : Tag "hecm"

hecm: What is all the BUZZ about Purchase Reverse Mortgage - 04/24/09 07:06 AM

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
Option #1
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.
Option #2
Mr. Jones can … (0 comments)

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