I've been asked to cite sites where the best information can be found regarding Reverse Mortgages especially the Reverse Mortgage for Home Purchase Program. Here's a pretty good place to start:
http://www.hud.gov/offices/hsg/sfh/hecm/hecmabou.cfm
This site offers a decent explanation of the program in more layman language. It begins with:
"The Home Equity Conversion Mortgage (HECM) is FHA's reverse mortgage program which enables you to withdraw some of the equity in your home. You choose how you want to withdraw your funds, whether in a fixed monthly amount or a line of credit or a combination of both.
You can also use a HECM to purchase a primary residence if you are able to use cash on hand to pay the difference between the HECM proceeds and the sales price plus closing costs for the property you are purchasing."
www.reversemortgageforhomepurchase.com
Here, under HUD you can find the two Mortgagee Letters that outline the program along with other information about it. The Q&A tab clears up some of the questions that a Realtor or Potential Client may have.
Under the Reverse Mortgage headings one can find and download a guide, do the calculations and learn other good things about Reverse Mortgages.
A good tool for you to put on your phone for a quick down payment calculation is the "Down Payment Approximator". I am just today putting it on line for your convenience. That web site for now is:
http://www.danielschafer.com/hosted_forms/calculators-new.asp
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