Can I get a reverse mortage on a new home

You would still have to meet the guidelines as well

Yes you may use a FHA HECM Reverse mortgage as a purchase loan. You will not have to make mortgage payment as long as you remain in the home. Please call me I can go over your questions and give the information on a Reverse Mortgage.Thank you.David Tominaga.Community Banker NMLS# 224944.Home Savings of America. FDIC.26040 Acero Mission Viejo CA 92691.877-900-4762. X 318.

absolutely.. assuming you meet the guidelines like 62 years of age or older, etc... WilliamAcres.com

You can definitely purchase a home with a Home Equity Conversion Mortgage (aka reverse mortgage). Be advised at the minimum qualifying age of 62 that the maximum loan-to-value would only be about 47%, which means a down payment in excess of 50% plus your closing costs and prepaids. At the age of 66 you would have to put roughly 50% down exactly. The older you are you will obviously be required to put less money down. One thing to consider when purchasing a home with a HECM is the impact on your living trust/estate. Happy New Year!

One of the least understood uses for a reverse mortgage is using them to purchase a home. As long as you meet the criterea for Reverse mortgages, which include age and equity, a reverse mortgage will allow you to purchase your new home and have no monthly mnortgage payment. You can find additional information at HUD's website. Follow this link: http://portal.hud.gov/hudportal/HUD?src=/program_offices/housing/sfh/hecm/hecmhome .

RW- Very little qualification requirements - It is basically about how much money and age. Both have limits. - Wells Fargo & Bank of America have shutted their RM originations. I I expect most of the remaining "Big Banks" to follow. - Federal Regulations are putting to much risk back upon the lender. - Wells had the largest percentage of the market and they still said "not anymore." - I suggest you explore what Met Life has to offer. - Here is the link: https://www.metlifebank.com/reverse-mortgage/forms/freekit-vid2.html - Best wishes- Rudi