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reverse mortgage: What is all the BUZZ about Purchase Reverse Mortgage
- 04/24/09 12:06 AM
It is new, it is exiting, it is REAL... Reverse Mortgages are now available for purchase in ONE single transaction. People no longer have to buy first and refinance later. Doing Reverse Mortgage purchase in a single transaction will save money.
Let's look at an example:
Mr. Jones wants to downsize and purchase a smaller home. He is 71 years of age. He has 2 options
Option #1
Purchase home by obtaining conventional loan and then refinance that loan into reverse mortgage.
This option is great, however now Mr. Jones has to pay closing cost twice.
Option #2
Mr. Jones can … (0 comments)
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