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Using a Reverse Mortgage to PURCHASE a home

By Jenna Yancey

Mortgage and Lending with Security 1 Lending NMLS# 1064132

July 26, 2013 07:27 AM

Using a Reverse Mortgage to Purchase a home

Using a Reverse Mortgage to purchase a home is known as the HECM for purchase program. This is a program available to Seniors who are 62 years of age or older and are looking to purchase a home but don't want, or can't afford, a monthly mortgage payment.

How does it work? The client puts a down payment which is calculated based on the age of the youngest borrower, and the reverse mortgage covers the remaining balance. The client can now live in the home they desire with no monthly mortgage payment!

The borrower is still responsible for paying property taxes and insurance and the loan balance and accrued interest is not due until the borrower is no longer living in the home. This is an amazing tool for Seniors who wish to upsize, downsize, or relocate without the need for monthly mortgage payments. I would love the opportunity to educate you further and help you help your clients!

Jenna Yancey

NMLS #1064132

Reverse Mortgage Specialist

Security 1 Lending

jenna.yancey@s1l.com

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Dale Baker

Baker Energy Audits and Commercial Properties Inspections - Claremont, NH

New Hampshire Relocation Real Estate Information

Howdy and afternoon Jenna

Welcome to the ActiveRain Real Estate blogging community! You'll sure find a lot of mighty fine folks here in the community to get to know. I'm one of the many ActiveRain community members which are an ActiveRain Ambassador.

If you should ever have any questions about how to do anything or about the rules of the ActiveRain community, please feel free to contact me either by sending me a e-mail or by giving me a call, I'll sure be mighty glad to give you a helping hand. If for some reason I don't know the answer to a question which you might have, I'll sure will find out the answer and get back to you with the right answer.

Take the time to look at the different groups within the community, pick some different groups to join, post your blog posts in them, be sure to take the time to read the posting guidelines of each group you might want to join, folks sure will want to follow them. Members can join as many or as few of the different groups within the community as they would like to. Members are able to post their blog posts in 5 different groups at a time.

Keep up your mighty fine job of posting! I'll be looking forward to seeing even more blog posts written and posted by you, plus seeing you join some of the mighty fine groups in the AR community.

Have a good one

Dale in New Hampshire

Jul 26, 2013 10:58 AM

Ken's Home Team LLC. | 360.609.0226 | Portland, OR & Vancouver, WA Real Estate Team

Ken's Home Team LLC. - Vancouver, WA

- SOLD IS OUR FAVORITE 4 LETTER WORD -

Welcome to Activerain from from all of us at Ken's Home Team. I think you will find this site to be a wealth of knowledge and referrals. This really is the best real estate blogging and real estate network on the internet. If you have any questions about Activerain, reach out to the wonderful Ambassadors here in the rain. (They are a wealth of knowledge and were picked by the Activerain staff for their willingness to help others)

Jul 26, 2013 02:27 PM

Todd Clark - Retired

eXp Realty LLC - Tigard, OR

Principle Broker Oregon

Welcome to Activerain and I hope you are learning a lot and if you ever need any assistance, don't hesitate to check out my blog, email me, call me, I will be glad to help you in any way possible. Also, check out the main page of Activerain and look for the Activerain University tab, there are lots of educational webinars to help you build your business.

Jul 26, 2013 02:32 PM

Using a Reverse Mortgage to PURCHASE a home

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Jenna Yancey

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