Reverse Mortgage


  • No Mortgage Payments
  • No Credit Scores Consulted
  • Live “FREE” Until You Turn 150!
  • You Must Maintain the Property
  • Pay Your Taxes
  • Pay Your Assessments
  • Bring in Your Share of the Down Payment
  • Pay Your Home Owner’s Insurance

Begun in February, 2009, a program was implemented called the REVERSE MORTGAGE for a HOME PURCHASE, which is a fantastic FUNDING OPPORTUNITY that several of our buyers have successfully used. Here are the HIGHLIGHTS of the program. See whether it could work for you.

The buyers must be, at least, 62 years old. A DOWN PAYMENT from the home’s sale or from the buyer’s assets (CD’s, IRA’s, savings, gifts, etc.) is the buyer’s responsibility. There are NO CREDIT CHECKS or INCOME REQUIREMENTS! The money received must be used to purchase a PRIMARY RESIDENCE. The costs incurred are similar to those of a conventional mortgage. (The BANK gives a percentage of the HOME’S APPRAISED VALUE, which is determined by a formula: the younger the applicant, the less money granted (the range: 60% to 85% based upon the age of the youngest applicant – the older the age, the more $’s received), & the buyer brings the difference to the closing. There are NO MORTGAGE PAYMENTS! The buyer keeps the ownership of the home! His/her responsibilities are to pay the taxes, insurance, assessments, & maintain the home. The buyer does NOT have to sell the property to repay the loan & lives there until his/her death (age of death is 150!). The heirs can take on a conventional home mortgage to repay the loan if they wish. If they decide to sell, and it sells for more, the heirs benefit. If less, they are not held responsible.

There is a REQUIRED COUNSELING SESSION to determine whether a reverse mortgage is right for the buyer. (Cost: could be FREE if GRANT MONEY is obtained; otherwise, the cost is approximately $125.00)This can be accomplished in person or on the telephone, & this HUD REVERSE MORTGAGE COUNSELOR will present the applicant with a certificate of completion called “The Borrower’s Counseling Certificate.” FHA will appraise, verify the value of the property. After closing, the buyer has 60 days to move into the home! Just imagine: NO MORTGAGE PAYMENTS!

This is a FHA-INSURED REVERSE MORTGAGE program: its technical name is “The Home Equity Conversion Mortgage” (HECM) for purchase!

Randy Thomas, a former Wells Fargo Reverse Mortgage Specialist, explains: “There are many applications for a Reverse Mortgage in relation to buying real estate. In addition to purchasing a primary residence, it is a great tool for someone that wants to buy investment property, or a second home. Another great use is to help your adult children take advantage of the current real estate market & provide them with the down payment on their purchase without effecting their retirement investments.”