The reverse mortgage for purchase allows older adults, age 62 or older, to use a reverse mortgage loan to purchase a new principal residence, and have no monthly loan payments as long as the borrowers are living in the home as their primary residence.  Borrowers are responsible

The required down payment is the difference between the purchase price and the amount of funds available from the reverse mortgage.

Yes.  The reverse mortgage for purchase program is only available for owner occupied properties, and the borrower must occupy the property within 60 days after closing.

Borrowers cannot qualify for a traditional mortgage Can qualify for more home than with traditional mortgage Empty-nesters downsizing in retirement Relocation to be near family, friends, or warm weather Need single story home for physical needs Need home with other senior friendly attributes such as widened doorways,

Properties that are eligible for purchase with a reverse mortgage include: Existing Single Family residences FHA approved condominium New Construction properties where the Certificate of Occupancy or equivalent has been issued

Yes.  Under the terms of the loan, the borrowers are responsible to pay property taxes, home insurance, association dues, or any other property obligations that may become a lien on the property.  Like any traditional mortgage, failure to do so may result in foreclosure.

Below are just of few hypothetical scenarios illustrating the power of using a reverse mortgage to purchase a home in different circumstances.  These scenarios are only examples, and your circumstances may be different, however a reverse mortgage for purchase could help you achieve your retirement home purchasing