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Do you do reverse purchases?

by gtettinger210 from , Michigan. Aug 28th 2014 Reply

William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,728 contributions

You can do a reverse mortgage purchase, however, depending on your age, you would be required to put 35% to 50% down payment. If your purchasing from a relative, then they can give you a "Gift of Equity" and you might not need any money down. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714

Aug 28th 2014
Gary Crist (coloradoreversemortgagelender)
#26 ranked lender in Colorado - 38 contributions

Yes, I help seniors nationwide at The Federal Savings Bank with the new HECM Reverse Mortgage for purchase. If you are 62 years or older, the Home Equity Conversion Mortgage (HECM) for Purchase loan may help you buy your next home without required monthly mortgage payments. They can have credit score 640 or lower and they can have debt to income higher than 43. They make only one initial monetary investment and have no payments for life. If you have any other detailed questions feel free to call me at 888-264-7692.

Aug 28th 2014
James Barath (JamesBarath)
#9 ranked lender in Indiana - 352 contributions

Yes. That would be the HECM4Purchase program. The biggest difference from a standard home loan purchase is that the senior is required to pay all closing costs. You are not allowed seller concessions. At the minimum qualifying age of 62, you will need roughly 50% down payment. Good luck and have a great holiday weekend.

Aug 29th 2014
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