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Reverse Mortgage For Primary Home Purchase
Reverse Mortgage For Primary Home Purchase
Some senior home owners (age 62+) and most of their real estate agents know that Reverse Mortgages can be used to fund retirement expenses of any kind without the obligation of monthly payments that would be required with normal mortgage loans. The typical transaction is refinancing the current primary residence.
The new twist is to use a Reverse Mortgage to purchase another residence. Many mortgage lenders are now offering this option that will assist many seniors in their retirement years or times of reduced income. The new purchase must be for a primary residence. The current residence may be sold or kept as a rental property. The equity required when using a Reverse Mortgage for a home purchase can not be from borrowed funds or a gift. Most of the time, the needed equity would come from the profit on the sale of the previous home or the disposition of other assets.
If a Reverse Mortgage is used to purchase a newly constructed property, an occupancy permit will be required within 60 days. Counseling, which may be by phone, is an underwriting requirement and the fee is usually in the range of $125.  Some lenders ... more

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