Is it possible to buy a home with a Reverse Mortgage?
Wednesday, September 15, 2010 -
Article by:
Roger Howell - Fairway Independent Mortgage Corp NMLS# 2289 -
Yes, it is!
In Idaho, we have had the ability to provide the Reverse Mortgage Purchase Program, aka HECM for Purchase, for almost 2 years.
The Reverse Mortgage for Purchase Program is similar to the traditional Reverse Mortgage in that: Its for borrowers 62 and up
There are no monthly payments as long as you live in the home
Its for primary residences only, no vacation, second, or investment homes allowed
There are no credit, income, or employment requirements.
Now here in Idaho, we are seeing a lot of people from other states retire here. I won't go into all the great reasons to retire in Idaho, but some are:
Be closer to family who live here.
Move from a more expensive area to take advatage of our low cost of living
Fantastic Weather
The many wonderful outdoor activities we enjoy
A low crime rate
Anyway, if you're considering retiring to Idaho and would like to hear about how you can buy your retirement home and not make any monthly payments, call me at 208-861-7579 or email me through Lender411.com
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Reverse Mortgage Calculator
Step 1 & 2 of this calculator determine if you are eligible for a Reverse Mortgage