Rights Mortgage Purchase With Reverse Mortgage
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FAQ
There is no down payment necessary for an HECM for Purchase. With a regular reverse mortgage, the loan amount is based on the equity in the home. With a reverse purchase, there is no equity, as the home has not been purchased, but there must be equity to cover accrued interest.
Existing Mortgage However, the reverse mortgage must be in a first lien position, so any existing indebtedness must be paid off. You can pay off the existing mortgage with a reverse mortgage, money from your savings, or assistance from a family member or friend.
The good news is that you can use a Reverse Mortgage on your primary residence and use the cash proceeds to Purchase a Second Home or Investment Property. One of the great aspects of reverse mortgages is that the proceeds from your loan can be used for whatever you'd like?including purchasing a second home.
+ Is it possible to purchase a home with a Reverse Mortgage? Yes, most definitely, however it must be your primary residence.
A reverse mortgage for purchase works similarly to a standard reverse mortgage. The loan amount is calculated using the age of the youngest borrower/spouse and the interest rate. The borrower then brings in funds at closing to cover the difference.