Using a Reverse Mortgage to Purchase a Home

Using a Reverse Mortgage to Purchase a HomeThe Home Keeper® for Home Purchase is a proprietary mortgage product. Originally developed to suit the needs of individuals whose home values exceeded the HECM standard amounts, it has evolved into a product that individuals can actually use to purchase a home.Generally speaking, this product is a reverse mortgage, and all the usual criteria of a reverse mortgage must be met. The borrowers must be 62 years of age or older (both borrowers if married and both are on the title). In addition, the property must be of the kind which fits a reverse mortgage. For more information get reverse mortgages facts.A portion of the money required to purchase a home is supplied by the Home Keeper for Home Purchase. The purchaser keeps the money that is saved. Moreover, there is no monthly mortgage payment to make. This is using a reverse mortgage to purchase a home. So many of our clients here at the Reverse Mortgage Page ask us: How soon can I get a reverse mortgage after I move into my new home? Should I get a traditional mortgage, then reverse the mortgage after 30, 60, or 90 days? Most are shocked when told that the middle man has been completely cut out. A senior purchasing a new home can get a reverse mortgage to actually purchase that home. We tell them absolutely do not get a “forward” mortgage if the intention is simply to turn around and reverse the mortgage. The fees alone in doing this will be considerably too much.This product is used for seniors who are relocating to a new home. The planned stay in that home should be five years or more. There are no income limits or credit requirements, so you can actually purchase a home for potentially more than you would otherwise be able to afford. Again, as with any reverse mortgage, there are no monthly payments to make. That is one of the major advantages of a reverse mortgage.Home Keeper® is a registered trademark of FannieMae. They require that at the loan application, you have proof of whatever funds you will be using for your part of the down payment. We thank you for reading – the Reverse Mortgage Page.

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