Reverse Mortgage for Purchase

Did you know that senior home buyers can now use a reverse mortgage to purchase their new home?
  • January 26 2011 - Raleigh
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Answers (3)

Profile picture for Alan Donald
Yes Ron, I learned about using reverse mortgages for purchases last year.

It is a perfect solution for individuals or couples over 62 who may wish to retire to a  warmer climate (like South Carolina!) but cannot sell their home (or are not willing to take a bath in the current market). If they have a strong equity position in their home, they can borrow up to 50% of the appraised value and use this money to buy another home - with NO mortgage payments!

In a few years, when the real estate market rebounds (and it will), they can sell their first home at the price they wanted and pay off the mortgage...if they sell and make a gain it may be tax-free, provided they have lived in it as their primary residence for at least 2 of the last 5 years!
  • February 12 2011
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Profile picture for Steffnie
I thought you had to stay in the home as your primary if you got a Reverse Mortgage?
  • February 25 2011
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Steffnie a person purchasing their home with a reverse mortgage plans on staying there.

Happy funding, Rudi
  • February 25 2011
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