There is good news for homeowners, Realtors, or other professionals that would like to quickly and easily calculate how much of a home one qualifies for on the Reverse Mortgage for Purchase program. www.Funds4Seniors.com has a brand new CALCULATOR that any professional should have bookmarked. All you need to do is put in a potential homeowner’s age, and desired purchase price, and the calculator will show the required down payment needed. Purchasing a home with a Reverse Mortgage is simple. Only one of the married borrowers needs to be over 62 years old, they need to be purchasing a FHA qualified home, and they need enough money to cover the required down payment. Once they purchase the home, both homeowners live in the home the rest of their lives with NO MORTGAGE PAYMENTS . There are NO CREDIT requirements; they could have had a foreclosure or bankruptcy discharged yesterday; It does not matter. There are NO INCOME requirements either. The Reverse Mortgage for purchase is a unique product that can help professionals better assist their clients. Please feel free to share this information with any Professionals or mature homeowners you know, so that we can help to get the word out on this FHA insured program.
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