Is it possible to use a reverse mortgage to buy a new home?

Absolutely... you have to have equity, so you would need to put money down, but have no payments after you close... how much you need down depends on what price home you purchase and how old the youngest borrower is.... to get an accurate quote within your scenario, I suggest you contact a LOCAL mortgage broker who specializes in reverse mortgages and apply with them. Do not use the local "Big" bank, or one of those 50 states internet lenders or nationwide lenders...By applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with numerous lenders, seeking out the best loan terms for your particular scenario. Because he has lower overhead, he can offer you lower rates and lower fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

You can use a reverse mortgage to purchase a home using the HECM purchase loan program. I have a calculator that can help you determine whether a reverse or forward mortgage will make the most sense in your specific situation. Feel free to contact me and I would be happy to help you compare these options.Charles Edingtoncedington@primeres.com(801) 819-3125

Absolutely, just need to qualify with the new home and I can help you do that. I am a LOCAL lender her ins Salt Lake City so call me at your earliest convenience at 801-971-6901 and you can always got to my website at www.carloblueroof360.com to get started. Thanks and talk to you soon.

Yes you can, their are some qualifications though, you can email me direct and I can answer specific questions. Email me at Clark@ClarkHarvey.com.

Yes, more info provided by others above. Depending on your situation it may or may not be your best option.

Yes - here is a good article from Bankrate.com. http://www.bankrate.com/finance/mortgages/new-fha-reverse-mortgage-boon-to-seniors-1.aspx. I suggest you contact a reverse mortgage specialist in the Salt Lake, Davis or Weber county. My company no longer does reverse mortgages but if you want to give me a call, I might be able to give you a referral or two. Linda 801.550.1222

Yes you can!! if you have a spouse, we go off the youngest borrower... and are you over 62 years of age? do you have a home to sell ? you can email me at yourloanpartnerforlife@live.com linda

I do this all the time and, in fact, teach a class to Realtors on how this is accomplished. I live in Roy and my office is in South Ogden so I can meet you at your home if needed. It's a great way to get into a home without having to worry about the monthly mortgage payment. keep in mind that you stil have to pay the property taxes & homeowners insurance. Call me and I will walk you through the good things and things to watch for. Ron Pippin 801-628-7667

You can buy a house with a reverse mortgage. There are a couple of things you must do,,,, You must be 62 years old, you must put down at least 30% of the purchase price and you must live in the property as your primary residence. For more info or so that I may refer you to an expert in the field, you can contact me at kprince@liberty1amc.com or call me at 858-926-8904. You also must attend an informational counseling session before you can get a reverse mortgage.

YES... and it works like a charm!

Yes. I have a 63 year old client doing one right now. She's purchasing a property for $575,000.00 and her down payment is $242,000.00.