Reverse Mortgages – Dream Loan or Equity Pit?

The Reverse Mortgage Purchase Option

This link goes takes you to a 2 page document that discusses briefly using a Reverse Mortgage to purchase a property.

Often seniors (those 62 and over)  will consider placing a Reverse Mortgage on their home for a multitude of reasons, many of which are the same if you use the Reverse Mortgage to “Purchase” a home.  Click on the link above for a brief summary of the FHA HECM Reverse Purchase Mortgage.  Many who have lost homes and had some liquid assets can still buy a home using the “Reverse Mortgage” without the 2-4 year waiting period which is required in normal mortgage loans.  Feel free to contact my office at 949-428-3099 for additional information or a meeting to discuss your or a family members possible needs for this specific type of product.