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Mark Allen Schmidt

Buying a home with a Reverse Mortgage

Wednesday, October 31, 2012 - Article by: Mark Allen Schmidt - Mac 5 Mortgage Co - Message

How to buy a home with an FHA Reverse Mortgage

1. You need to be 62+ years old.

2. You need cash, about 42% of the purchase price of your new home

3. Your realtor writes a contract, we review it and approve the deal.

4. You attend the required counseling.

5. You are qualified based on your age, your down payment, and on the value of the house you are buying. No job, no FICO scores, no asset verification.

6. For example you can buy a $300,000 property for a down payment of about $130,000

7. Once you make the down payment, you will not have a monthly payment and you can live in that $300,000 house for as long as you want. You pay insurance, taxes and any homeowner related expenses.

8. If this is interesting you can contact me, or have your real estate agent email me and we can talk it over.

9. Yes, this is for real. It's perfect for 62+ people who don't want to put their entire nest egg into what might be their last house. It is also good for people who what to live in their dream home but wouldn't be able if they had to use traditional financing or pay cash for the house.

10. Now you can look at that beautiful home in a gated community, or buy a wonderful single level home in a quiet neighborhood, any where in the USA

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