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Reverse Mortgages for purchases
you know i've said this before, but
you just don't know what you don't know
 
for Seniors a reverse mortgage for purchase is a truly dynamic tool, which in many cases may be the only way to qualify for the home they want, not what they may have to settle for, and still have no required payments.
remember they may always make payments, if and when they so choose to limit the balance growth, but they don't have to.
my favorites;
HECM
this would be the FHA, insured reverse mortgage, with no required monthly payments. As such there are no income considerations for the mortgage, and no credit score, but
you must show sufficient income, and a willingness to pay your taxes, insurance, and the maintenance on the property.
Propietary Reverse
this is not an FHA insured mortgage, and as such you do not pay any FHA insurance. It is condo friendly, and can support jumbo loans, and purchases
both loans are non recourse, meaning the payoff will never exceed the value of the balance regardless of the value.
want more info just give me a jingle @ 561-400-3981
 
 
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