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Can I get a reverse mortage on a new home

I am looking to move and buy a home with about 35-50% percent down. can I take out a reverse mortage on that home and not have to make any payments. by rwalke_457_716 from Sallisaw, Oklahoma. Jan 3rd 2012 Reply


Mike Schults (Mikeschults)
#186 ranked lender in California - 23 contributions

You would still have to meet the guidelines as well

Jan 3rd 2012
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David Tominaga (dtominaga)
#366 ranked lender in California - 4 contributions

Yes you may use a FHA HECM Reverse mortgage as a purchase loan. You will not have to make mortgage payment as long as you remain in the home. Please call me I can go over your questions and give the information on a Reverse Mortgage.Thank you.David Tominaga.Community Banker NMLS# 224944.Home Savings of America. FDIC.26040 Acero Mission Viejo CA 92691.877-900-4762. X 318.

Jan 3rd 2012
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,360 contributions

absolutely.. assuming you meet the guidelines like 62 years of age or older, etc... WilliamAcres.com

Jan 3rd 2012
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James Barath (JamesBarath)
#9 ranked lender in Indiana - 351 contributions

You can definitely purchase a home with a Home Equity Conversion Mortgage (aka reverse mortgage). Be advised at the minimum qualifying age of 62 that the maximum loan-to-value would only be about 47%, which means a down payment in excess of 50% plus your closing costs and prepaids. At the age of 66 you would have to put roughly 50% down exactly. The older you are you will obviously be required to put less money down. One thing to consider when purchasing a home with a HECM is the impact on your living trust/estate. Happy New Year!

Jan 4th 2012
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Bert Carpenter (BertCarpenter)
#40 ranked lender in Arizona - 1,815 contributions

One of the least understood uses for a reverse mortgage is using them to purchase a home. As long as you meet the criterea for Reverse mortgages, which include age and equity, a reverse mortgage will allow you to purchase your new home and have no monthly mnortgage payment. You can find additional information at HUD's website. Follow this link: http://portal.hud.gov/hudportal/HUD?src=/program_offices/housing/sfh/hecm/hecmhome .

Jan 4th 2012
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Rudi Hofmann (CaPortfolioLoans)
#269 ranked lender in California - 380 contributions

RW- Very little qualification requirements - It is basically about how much money and age. Both have limits. - Wells Fargo & Bank of America have shutted their RM originations. I I expect most of the remaining "Big Banks" to follow. - Federal Regulations are putting to much risk back upon the lender. - Wells had the largest percentage of the market and they still said "not anymore." - I suggest you explore what Met Life has to offer. - Here is the link: https://www.metlifebank.com/reverse-mortgage/forms/freekit-vid2.html - Best wishes- Rudi

Jan 5th 2012
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