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Are you thinking about using a Reverse Mortgage to purchase a home in Ann Arbor or any other city? It's a great product which most home buyers and real estate agents don't think of when it comes to financing a home purchase. It bears considering though, because what other way can your buy a home and only invest 50% or less of the price of the house?
How does this work, you might ask? It's really easy! Home buyers choosing to use a Reverse Mortgage must be at least 62 years old. Your down payment percentage is calculated based on your current age. if you're 62, it's going to be close to 50%, but as the age increases, the down payment decreases. Once your close on your Reverse Mortgage, you never make any payments!!! That's the best part and how you can purchase a home for half of its sales price. Isn't that a great idea?
With a Reverse Mortgage you make no payments as long as you live in the house. When you sell, move or otherwise no longer occupy the home, then the loan needs to be paid off. Another great feature of this loan is that it is a non-recourse loan so if home values go down and you owe more on your loan than it is worth at the time, that's not a problem. The way this loan works and what non-recourse really means is that you will never owe more on your home than its value. That's why these loans are federally insured and are very safe. The only regular payments which you need to make on a Reverse Mortgage is to keep your taxes and home owner's insurance current. One caveat when using this loan to purchase a home though is that HUD does not allow the seller to pay any part of your closing costs.
Because HUD insures these loans, they have a lot of information on their website. Here is a link to Frequently Asked Questions. One of the most common misconceptions is that "the bank" owns your home if you get a Reverse Mortgage. That is not true. You (or your heirs) retain ownership to the home. The mortgage just needs to be paid off like any other mortgage when you sell the home. If there is equity remaining after the mortgage is paid off, that money goes to you or your estate.
Be sure to allow plenty of time to process your loan application - these loans can take a bit longer. In addition, you are required to have counseling from a HUD-approved agency prior to applying for the Reverse Mortgage. That is designed to help you be sure that this sort of loan is the right thing for you and that it makes good economic sense.
So don't be afraid of using this product. It's not the right loan for everyone, but for the right people, it is a wonderful solution. Go ahead and purchase a home using a Reverse Mortgage and you will see what a wonderful loan product this can be!
www.peggyloans.com Peggy Wilson, Michigan mortgage banker offers useful tips for daily living. She explains different loan programs, translates mortgage guidelines into understandable language and helps Realtors get their deals to the closing table with the least amount of hassle.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.