Are you looking to downsize or just get a new home that better suites your needs? Would it be helpful to have no mortgage payments?
A reverse to purchase mortgage allows people that qualify to buy a new home with the equity they gain from the sale of their existing home or other savings and not have mortgage payments. This is particularly useful for those who's net worth is tied up in their homes.
The benefits to a reverse mortgage for purchase allows for those who qualify to get a new home with out dumping all their assets into it as would be the case in a traditional cash purchase. It can also give more purchasing power without draining assets and giving you the luxury to get the upgrades wanted in a home all while still having no mortgage payments. This can be a cash-flow tool because it does not take up any fixed monthly income.
The property must pass certain requirements similar to what an FHA loan would require.
The person applying for the loan must meet certain requirements as well. A nice feature of this program is that there is no FICO or DTI requirements. However there is a modest income qualifying formula to cover taxes and HOA debt.
For more information on this program, click the Contact Us below.
PS. We would love to send you a report on simple things you can do to help increase the value of your home by up to 28%. The more you can get for you current home, the better off you are. So be sure and include your phone number so we can text it to you or call to let you know when your report is ready. If you have any other questions, let us know in the comments section.
