purchase reverse mortgage: REALTORS, FHA Authorizes Reverse Mortgages for Home Purchase
- 02/10/09 08:33 AM
Did you know that your senior clients can purchase a home with a HECM reverse mortgage? It's true, as of January 1, 2009, FHA began insuring reverse mortgage loans for Seniors to purchase homes. Reverse mortgages have traditionally been available for refinance loans in the past, provided the Senior resided in the home. What does this mean to Seniors? This is really great news for Seniors, 62 years of age or older. This program will allow Seniors to leverage their cash and a reverse mortgage does not have required monthly mortgage payments like traditional mortgages. Reverse mortgages do not have credit or … (2 comments)
Did you know that your senior clients can purchase a home with a HECM reverse mortgage? It's true, as of January 1, 2009, FHA began insuring reverse mortgage loans for Seniors to purchase homes. Reverse mortgages have traditionally been available for refinance loans in the past, provided the Senior resided in the home. 
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