Reverse Mortgage to buy a home

 Time for a new tool to help you buy a home; Reverse mortgages for a purchase. Traditional Reverse mortgages have been thought of as a way for seniors to stay in their homes, but more recently we have seen Seniors using reverse mortgages for a number of reasons.

Traditional Reverse loans can be used to:

•  Pull lump sums of cash from an existing home 
  •  eliminate mortgages and debt, buy another home, there are no limitations here.
•  Set up a monthly income stream
  • Have your home pay you to live there, in most cases Tax free (always check with a CPA here)
•  An equity line for surprise expenses
  • A line that will grow every year to use when the need arises.
• (or any combo of the above)

All with no recourse, no payment and you can still leave your house to the kids and it will continue to grow in value over the years.  We have had many Seniors using reverse Loans to give down payment money to their children so they can buy a home, and they can enjoy leaving money to their kids and still be "there" to see them enjoy it!

Now available for purchase loans, a Reverse Mortgage will allow someone to buy a home and have no mortgage payment. Perhaps you want to pay cash for your retirement home, but sold your home for less than you had hoped for. or maybe you fell in love with a more expensive model or development and cant afford a traditional forward mortgage....

Think Reverse:

• No Monthly Payment
• No Recourse,
• No Worry about Credit or Qualifications (other than age).

 The borrower must be at least 62, and the value of the home are the 2 determining factors in the available loan amount. Typically the older the buyer, the more they can borrow. A reverse mortgage is the only true No-Doc loan left in today's environment.  Credit is not an issue, Borrowers do not need a job, Just a down payment.

These are not low down payment loans. For the younger buyers using a reverse for a purchase will need approximately 60% down, but this number will change based on age, the older you are the more you can borrow. 

(Traditional Reverse loans for an existing home will actually allow larger loan amounts, but we are limited to FHA limits on most of these, and the HUD program is not available for a purchase)

Have a great week!

Rob    

 Robert Rauf                         

Countrywide Home Loans

Countrywide Bank, FSB

(732) 740-0175 Cell

(732) 505-2470 Office

Robert_Rauf@countrywide.com

www.RobertRaufHomeLoans.com  

Building financial security, one home owner at a time  

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