If you or someone you know is at least 62 years old you can purchase a house using a Reverse Mortgage. …and never have a mortgage payment the rest of your life!
Here are some key things to know about purchasing a home with a Reverse Mortgage…
* No monthly mortgage payments. Loan would be due when you move out permanently, sell the home, or pass away.
* Down payment would be between 34% and 55.5% (plus closing costs), depending on your age.
* Non-recourse: never owe more than what the home is worth. If the heirs choose not to repay the loan and the home is foreclosed, they will not be liable for any deficiency.
* Stipulations include maintaining primary residence, keeping current on property taxes and insurance, and making sure the house is properly maintained.
If you or someone you know is interested in using a reverse mortgage to buy a home – shoot us an email or give us a call!
That’s it for today!
Have a good day today! …and thanks for reading.
Brett
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