HUD has recently posted a frequently asked questions regarding the use of a Reverse Mortgage to purchase a home on their web site. As of January 1, 2009, Reverse Mortgages may be used to purchase a home by an eligible senior.
Please keep in mind that the lending limit in Oregon, as well as the rest of the country, for a Reverse Mortgage has been raised to $417,000. This does not mean that you cannot purchase a home with a Reverse Mortgage for more than $417,000, only that the amount that you qualify for will be based on $417,000.
Your actual Reverse Mortgage qualification amount will still be based on your age and property value.
Read the FAQ on my Reverse Mortgage website.
Home Equity Conversion Mortgage for Purchase
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