On my testimonials page you will see a picture of my good friend Patti. I did a reverse mortgage for her a few years back. She had been in a tough situation and was about to sign her house over to a company in exchange for no longer having mortgage payments. This arrangement would have taken any current and future equity she was to receive, but allowed her to live in the home. After learning about the Reverse Mortgage Patti felt that it was a much better solution for her. As the housing market continued to climb, she gained more equity. Patti and I had become fast friends and she had mentioned to me how difficult marriage had been for her and swore she would never do that again. A couple of years passed but we stayed in touch. Patti called one day and had some exciting news; she was getting married. Patti had been on Facebook and heard an old song that reminded her of her high school sweetheart, Gary. She decided to take a chance and see if she could find him there and she did. After 40 years apart, they reconnected and fell in love all over again. They decided to get married, and start their lives together in a new home. Patti had a reverse mortgage on her current home and she had gained a lot of equity. Gary had sold his home and they were planning on buying a house together; I suggested they use a reverse mortgage for purchase. Patti was surprised at that suggestion as she had no idea one could buy a home with a reverse mortgage. She and Gary found a beautiful home in the perfect neighborhood to start their lives together. They were able to save money purchasing their home with a reverse mortgage as they only had to put down roughly 50% of the purchase price. They have started a great life together, in their new house with no monthly mortgage payment(they were still required to pay property taxes and insurance)!
Most people, even many realtors, are unaware one can purchase a home with a reverse mortgage for purchase. This program has been around since 2008 and has become a very attractive option for retirees purchasing a home. It can be a challenge for retirees to qualify for financing a home using traditional programs as they no longer have a job and would typically have to qualify on their retirement income. The reverse mortgage for purchase program is designed to streamline the home buying process and allow seniors to easily purchase a home and move in without ever having to make a mortgage payment; they just have to be able to pay their property tax and insurance payments. The program requires at least one of the homeowner(s) to be over 62, to purchase an FHA compliant home, and to have a significant down payment (usually 50% or less). This money typically comes from the sale of their current or a previous home, but may come from retirement accounts or other sourced income. The program recently changed to allow seniors to purchase a brand new home or an existing home. If you would like to see what you may qualify for, please click on our Revere mortgage for purchase calculator here: https://www.funds4seniors.com/can-i-purchase-a-home-with-a-reverse-mortgage/ or you may contact me with any questions:
Robert Snow Krepps, NMLS #255191, at HighTechLending Inc 877-567-7476 or rkrepps@hightechlending.com.
HighTechLending Inc, NMLS # 7147, is an Equal Housing Lender. Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act.
