So, you are looking for a new home to be closer to the kids, to be in better climate, or just need a smaller place with less maintenance. You are going to make an all-cash offer from the sale proceeds of your current home.
Why the heck would you do that?
You can put down as little as 35% of the purchase price with a reverse mortgage. This means you can keep more of your sale proceeds from the sale of your current home.
The income requirements are lower compared to a traditional purchase loan. The credit requirements are easier compared to a traditional purchase loan. And, you get a reverse mortgage in one transaction!*
Eligible properties include:
- Single Family Residences
- HUD Approved Condominiums
- 2-4 units (one unit must be your primary residence)
- Manufactured home that meets FHA requirements
Use this chart to see samples of much lower down payment examples. Now that’s power!
*A reverse mortgage for purchase requires the same qualifications as a reverse mortgage and is subject to lender review. A borrower must be at least 62. The new home must be the primary residence. Must meet the down payment requirement. Stay current on property taxes, homeowner’s insurance, and any HOA fees.