Tucson's Reverse Mortgage Lender

Now you have the ability to purchase a home with a Reverse Mortgage. This is a great addition to the reverse mortgage field. With a reverse mortgage purchase, seniors, age 62 and older can now purchase a new primary residence, using a reverse mortgage for a portion of the purchase price and never have to make a monthly mortgage payment and long as they live in the home.

Purchasing a Home Using a Reverse Mortgage HOW DOES IT WORK?

The HECM Purchase is very similar to a typical reverse mortgage. You must be at least 62 years old, we do not use income or credit to qualify for the loan and the amount of the loan is based on the total purchase price.

The difference is that instead of taking the equity out of an existing property, you would be making a down payment on the home for the amount that your mortgage does not cover. For example, if you were age 62, you would need to make a down payment of approximately 50%. At age 72 that number goes down to 40% and at age 82 it would be about 30%. The funds for your down payment must be verified and no gift funds may be used and you may not borrow additional funds from any other source.

Eligible properties include; 1 – 4 units homes, approved FHA condos, and new construction homes are acceptable once the Certificate of Occupancy has been issued.

WHO COULD BENEFIT?

There are any number of people who could benefit from the Reverse Mortgage Purchase Program, here are just a few suggestions;

Someone who could not qualify because of their current credit or income situation.

Someone who would like to increase their current purchase price but may be limited by cash or the ability to qualify for a larger mortgage.

A widow or widower who may be looking to downsize, but not use all their assets to purchase a new home.

Seniors who may be involved in a divorce. Many times a divorced senior could not qualify for a home on their own or even qualify to keep a mortgage on their current residence. In these cases, a reverse mortgage could help both parties involved.

Contact me today, to find out if a Reverse Mortgage will benefit you on your next purchase.