+1 vote
Can a Reverse Mortgage be used to purchase a home? How much down on a $400,000.00 home?
asked Aug 9 in Buying a Home by anonymous

2 Answers

0 votes
You can purchase a home with a reverse mortgage. The amount of down payment depends on your age.
answered Aug 9 by GustanCho (106,540 points)
0 votes
Yes, a home can be purchased with a Reverse Mortgage; known as H4P or HECM for purchase, the down payment is calculated by the borrowers age in the form of a decimal and inputted into an algebraic formula.  A borrower who just turn 62 may be required a 50% down payment and a borrower age 62.5 may have to put 49% down compared to a 72 year old borrower with a 39% down payment. Again, your down payment requirement depends on your exact age at the time you complete the application.

I have a wonderful booklet I would love to share with you via email or regular mail. It explains and answers your Reverse Mortgage for Purchase questions in depth; please reach out to me so I can send it out to you right away, my contact information is below. Being a Reverse Mortgage HECM Specialist I have learned that people need ALL the facts upfront and the booklet and/or a phone call to me would be better than a quick reply here to cater it your scenario.

~Quiana M. Williams
E: Quiana@USA-Mortgage.com
PH: (760)440-8844
answered Aug 9 by QuianaWilliams (11,350 points)
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