HappySeniorHomeOwners Blog

Seniors can purchase a Home with

Reverse Mortgage financing

The best is that it does not require credit qualification or Income qualification (some exceptions may apply).

If a Senior is downsizing and want to purchase a home all-cash to have no monthly payments to make, or with a high down payment, this Program might be worthwhile looking into.

Do you Qualify?

• You must be 62 years of age or older.
• You must be ether a US Citizen or a Legal Resident  (Green Card).
• It must be your primary home and move in within 60 days from closing.
• You must have at least a 40%-50% downpayment from your own funds in your accounts.
• Downpayment will depend on age and value of the home. The older you are the smaller the downpayment.
• No other source of funds like 2nd mortgages, credit card loans, gifts etc... would be acceptable. (please inquire)

Four possible scenarios:

1) You are planning to buy cash. If you can pay 50% and finance the rest with a Reverse Mortgage the other 50% can stay in your bank. And you will NOT have to make any monthly payments.

2) You could also be able to purchase a better home that you would be able with the planned investment. And you will NOT have to make any monthly payments.

3) You may want to buy a second home and your principal home in Florida is free and clear or with a low mortgage balance. You can do a Reverse Mortgage on your principal home and use the funds for down payment on the second home.

4) You want to buy your Principal home in Florida and rent your present home. You would have to qualify on income to determine that your income is sufficient to pay the mortgage, taxes  and maintain the former home in addition to your new Principal home.

 Either way it is an interesting proposition to consider 

If you are looking for a property with a REALTOR, please get him or her involved now. Use the link provided below for REALTORS.

For most answers visit http://HappySeniorHomeOwners.com/SeniorBuyers

Espanol:  http://HappySeniorHomeOwners.com/ComprandoHogar

For REALTORS: http://HappySeniorHomeOwners.com/REALTORS