It has come to my attention over the past month that the negative connotations associated with a Reverse Mortgages deserves another look.
Most people don't realize you can actually purchase a new home with a Reverse Mortgage product. It is an FHA loan Federally insured and has very similar features to a normal FHA loan. The huge difference is a Reverse Mortgage it is not a credit or income based loan.
Closing Costs are similar to a normal FHA loan. It can be an adjustable rate or fixed rate. The net proceeds can be taken as a lump sum or monthly payment or a combination at closing.
The clients age and the FHA property appraisal will determine the down payment required, the older the client, the less will be required.
This purchase will have to be the primary residence of the client. It allows them to keep the bulk of their savings and investments in place while giving them an extra income from the loan proceeds.Best of all they have No house payments on their Reverse Mortgage purchase ever.
Please contact me through my profile link if you'd like me to help you learn more about the Reverse Mortgage process.
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