reverse mortgae: Barbara's Blog - Using Reverse Mortgage to Purchase
- 07/27/15 04:02 AM
Reverse mortgages were developed to help seniors aged 62 and above as a way for them to stay in their homes and use the funds to supplement their income. But some seniors want to downsize or trade a two-story home for a single-level dwelling. The US Department of Housing and Urban Development (HUD) has a program seniors like these called FHA Reverse Mortgage to Purchase program also known as a Home Equity Conversion Mortgage (HECM) to purchase program. The Home Equity Conversion Mortgage (HECM) for Purchase was created by Congress four years ago to streamline home-buying transactions and cut costs, says Peter … (1 comments)
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