The Best Reverse Mortgages

Seniors who are looking to purchase a home can use a FHA reverse mortgage to help them qualify and keep more cash in their pocket.  The HECM For Purchase program is designed to keep more assets in hand by not requiring monthly payments and giving seniors another option instead of purchasing a home for cash.  The program will finance the majority of the purchase price and has less qualifying conditions than a traditional forward mortgage.  The HECM For Purchase is being utilized as a retirement planning tool to increase cash flow and investment opportunities.  Contact Rick Rodriguez for a free brochure on the program. 

The Department of Housing and Urban Development (HUD) has issued their June Scorecard and it is signaling that a healthy housing recovery is underway.  As a result of double-digit gains in home sales, declining foreclosures and strong home equity growth in May, HUD states these are all signs of a healthy recovery.  These gains along with recent changes to the FHA Reverse Mortgage Principal Limit Factors are helping senior homeowners qualify for larger benefits under the HECM program.

Las Vegas, Nevada was just ranked one of the top 10 places to live by Penske Truck Rental , according to CNNMoney . The rebound of the housing market along with increase tourism has the city back on the map.  

A FHA reverse mortgage can be used to purchase a property.  It is known as a HECM For Purchase and it allows a home buyer over the age of 62 to purchase a home using a reverse mortgage .  This can provide an opportunity to qualify for the home desired and save more assets for retirement.  There are some restrictions to be aware of concerning property condition and seller allowances.   Contact me to go over what to look for with a HECM For Purchase.