Reverse Mortgage for Purchase – New Florida Mortgage

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Liberty is one of the nation’s largest reverse mortgage lenders dedicated to education and providing loans that help customers meet their personal and financial needs. We are headquartered in West.

A reverse mortgage is a loan exclusively for senior homeowners 62 years of age or older. If you are considering relocating to a retirement destination like Florida, you may be able to use a Home Equity Conversion Mortgage (HECM)-for-Purchase to buy your retirement home.

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Reverse mortgages have been around for nearly 20 years, but it wasn’t until the current financial crisis that they caught on. Seniors are turning to these loans to tap the equity in their homes and.

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saying he’d recommend the product to his own mother if the situation was appropriate and serving on the board of Reverse Mortgage Funding. HUD and FHA additionally rolled out the HECM for Purchase.

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The federally-insured purchase reverse mortgage program allows Americans age 62 and over to downsize, upsize, move closer to family and friends, live in homes more suitable for their needs without having to purchase a home for all cash and requires no monthly mortgage payments for the life of the loan.

A HECM for Purchase is essentially a reverse mortgage on a new house. Most importantly, it is not subject to the same income qualifications as a forward mortgage. Here’s how it works: Typically the HECM for Purchase will cover 47%-52% of the new home’s cost.

While a reverse mortgage has traditionally been used as a way to remain in your home, borrowers can also use it to purchase a new primary residence under the federal housing administration’s (FHA) Home Equity Conversion Mortgage (HECM) program.

A reverse mortgage purchase makes it possible for seniors age 62 or older in Tampa Florida to purchase a new home with HECM loan proceeds. The key benefit to the senior is the purchase only requires one set of settlement costs vs. buying a property and obtaining a reverse mortgage afterwards, which will have two complete sets of closing costs.