REVERSE FOR PURCHASE

What is a Reverse for Purchase?

The Reverse for Purchase program allows seniors age 62 or older to purchase a home with a reverse mortgage and never make any monthly mortgage payments as long as you live in the home. This program is great for those seniors looking to purchase a home better suited to their needs, move closer to family, or move to a warmer area.

In order to purchase a home with a Reverse for Purchase, you will be required to have a minimum of 40% as a down payment on the home. The actual down payment percentage required is determined by your age; the older you are the less you have to put down. You will also be responsible for property taxes and insurance.

 

* Please note, these materials are not from HUD, FHA or any other government agency. This information was not approved by the Department or Government Agency. Homeowner(s) must pay their property taxes, homeowners insurance, and maintain the home.