USING A REVERSE MORTGAGE TO PURCHASE A HOME
- New Program Available
- Criteria : Homeowner must be 62 years or older and plan to live in the home as their primary residence
- No credit or income verification
- NO mortgage payments EVER!
- Program is age-sensitive. The older a borrower is, the less equity required.
An Example of how it works
Sales Price: $400,000
At age 65, borrower makes an equity down payment of $163,000(40%)
At age 75, borrower makes and equity down payment of $130,000 (32%)
The remainder of the loan is financed through a reverse mortgage. *Above figures are based on today's interest rates and include all closing costs.
Advantages to Homeowner : They never have to worry about making a mortgage payment, being delinquent, or losing their home. Safe, government-backed program.
Advantages to Seller : No credit or income requirements to qualify, fast closings, additional "arsenal" when appealing to this segment of the marketplace. Plus, helps stabilize the neighborhoods you are building...no foreclosures to affect future sales.
BABY BOOMER FACT : 10,000 Americans per day turn 62 and can qualify for a reverse mortgage
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About the Author : Naoma Doriguzzi is a Senior Mortgage Consultant with New American Mortgage and has been originating mortgages since 2003. New American Mortgage is a direct lender who specializes in FHA, VA, VHDA, Conventional loans. We are here to assist you with the purchase of a new home or refinance your existing home in Virginia, NC, SC, FL or GA!
Disclaimer: All information provided by this author is strictly an opinion, is not guaranteed, may be based on information collected from several sources, which may or may not be deemed reliable at the time of researching this article and may be time sensitive.
To contact Naoma directly you may call or text (757) 971-2876 or email at naoma.doriguzzi@newamerican.com.
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