Senior borrowers age 62 and over can now purchase a home using a reverse mortgage rather than a traditional mortgage.
The Reverse Mortgage Purchase Program allows borrowers to purchase a new home. You do not have to pay for the entire home with cash and you never have to make a mortgage payment for as long as you live in the property.
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| BENEFITS |
- No monthly mortgage payments....ever!
- Tax free cash-transaction.
- Low interest rates.
- U.S. Government Insured Program
- Adjustable or fixed rates.
- No income or credit requirements.
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| FEATURES |
- First Mortgage Loan (1 to 4 Family Dwellings).
- Must be principal residence.
- Approval based on purchase price or new appraisal whichever is less.
- Condos, townhouses, and manufactured homes may also qualify.
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| REQUIREMENTS |
- Counseling performed prior to loan application.
- Must occupy the property within 60 days of closing.
- Borrower continues to be responsible for real estate taxes and insurance.
- Seller must have been "Owner of Record" for 91 days or more.
- Down payment must be verified (2 Month's Bank Statements or Verification of Deposit).
- Newly constructed homes must have a Certificate of Occupancy.
- No bridge loans or interim financing.
- No gifting allowed.
- No construction loans.
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To find out more, call (888) 562-6865 to speak with a Loan Officer or complete this form to have a Loan Officer contact you.
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Equal Housing Lender
