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Answers (5)
- Meewan "Kay" Lee, "Realtor Kay Lee"
- Contributions:687
Thanks for pointing that out, Wetdawgs. You CAN buy a house with Reverse Mortgage even if you don't own one. And yes, you can own a home now and buy another home using a Reverse Mortgage as long as the borrower lives in the home we do the loan on. You can also do a reverse mortgage on the home you live in and use the proceeds to buy another home, again as long as you live in the home that the Reverse Mortgage is placed on. I just verified all this with a reverse mortgage specialist Kevin McRae, (888) 655-5000
- Pat Pribisko, "Pat Pribisko"
- Contributions:1426
I suggest that you continue to rent, not rent to own, nor try to purchase a home. In your situation, you don't have the income necessary to handle repairs & purchases of appliances, furnace, hot water tank, etc. when needed, nor to maintain the exterior of a home.
- wetdawgs
- Contributions:26833
@Meewan:
Your link says "To qualify the senior has to above 62 and presently own a home." (in order to be eligible to purchase a new home with a reverse mortgage).
The poster does not own a home, so wouldn't be eligible.
Your link says "To qualify the senior has to above 62 and presently own a home." (in order to be eligible to purchase a new home with a reverse mortgage).
The poster does not own a home, so wouldn't be eligible.
- Meewan "Kay" Lee, "Realtor Kay Lee"
- Contributions:687
Can you put 30% down on a house or a condo? Are you at least 62 years old? If so, the government sponsored reverse mortgage is a good choice. Once you purchase a home with reverse mortgage at 30% down, you don't need to pay the mortgage until you pass or until you sell the house. You do have to pay the property taxes and insurance (or HOA). Lenders won't check your income or credit.
Check out this site.
http://www.reversemortgageadviser.com/blog/reverse-mortgages/reverse-mortgage-purchase-rule-helps-seniors-purchase-homes-easily/
Check out this site.
http://www.reversemortgageadviser.com/blog/reverse-mortgages/reverse-mortgage-purchase-rule-helps-seniors-purchase-homes-easily/
- Dan, "the_country_hick"
- Contributions:4699
You might try calling city hall and asking about their housing authority. Most cities have subsidized housing for low income people. You may qualify. This is called section 8 housing.
You might also find your local agency on aging and ask them for ideas. Your senator or congress office should be able to give you some contact information if you can not find it yourself.
You might also find your local agency on aging and ask them for ideas. Your senator or congress office should be able to give you some contact information if you can not find it yourself.
To anyone . I'm a senior on SS disability ,total i Can spend on rent is $900.00 on rent. Help
Thank you for your time in this matter all info will help
Barbara De
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