Seniors buy a new home without a payment

There is a new way to help homebuyers age 62 or older purchase their ideal retirement home. The reverse mortgage for purchase program is a way for a senior to purchase a new home but WITHOUT A HOUSE PAYMENT!

This FHA insured reverse mortgage combined with the buyers down payment (possibly the proceeds of the sale of their current home) is this new financing idea now available. This program does require that this home be a senior’s primary residence but it does not come with any income or credit requirements. The size of the down payment is based on the individuals age and the older you are the less you will need as a down payment.

As long as this is the senior’s primary residence, the senior makes no monthly house payment! The original reverse mortgage balance and accrued interest is paid back at the time of the sale of the home. Of course, the senior will need to keep homeowners insurance and taxes current.

This may be just the idea for any senior thinking of finding a home all on one level, a low maintenance condo, downsizing their current home or relocating closer to family or friends.

I’d love to be your advocate in searching out this type of financing and seeing if it might be right for you. Please give me a call at 308-233-4553.