Reverse mortgage and buying home

Hi Berry!

Welcome to forums!

As far as I know, you will be able to get a reverse mortgage in order to buy a property.

Feel free to ask if you've further queries.

Sussane

If you are a senior citizen and own a home as a primary residence, then you take a reverse mortgage loan. Here, unlike traditional mortgages, you receive regular payments. However, with each payments, your equity in home home is reduced.

To get detailed information on reverse mortgage, go through this page - http://www.mortgagefit.com/reverse.html

Yes, you can use a Reverse Mortgage to purchase a home. I'm working with 3 clients right now that are buying their homes with a Reverse Mortgage.

yes,
you can apply for home loan using reverse mortgage, but as skydendredge mentioned , your equity in home home is reduced with each payment!!

Yes, if you are a senoir citizen and have your own home, then you can take out a reverse mortgage loan.

You can get a Reverse Mortgage, if you qualify,eligibility requirements such as:

● You must be 62 years of age or older

● You must own the property outright or have considerable equity in the property

● You must occupy the property as your primary residence

● You must not be delinquent on any federal debt