Buy a New Home Using a Reverse Senior Mortgage!
Posted Under: News
By Matt Murren
If you are in your golden years and are thinking about how you can have more cash coming in each month or perhaps purchasing a new home, this article is for you! The answer may lie be as simple as checking out reverse mortgages for seniors.
The only qualifications you need are that you have reached the age of 62 and that you are currently a home owner. Take the time now to read all about it! With a reverse mortgage, you have the opportunity to use this type of mortgage even though your credit may not be stellar and you are unable to make large monthly mortgage payments. Purchasing a home using a reverse mortgage does not on what your income is. The good news is that the Federal Housing Association (FHA) will start insuring reverse mortgages for home purchases in January 2009.
By using a reverse mortgage on the home that you now own, you will be able to at least consider moving to another home that better suits your current needs. Bear in mind that as of November 2008 the loan limit on reverse mortgages is $417,000.00. The best news about a reverse mortgage is that in addition to having the opportunity of buy a new home, you won’t have to come up with a lot of cash and you will never have to make a mortgage payment (unless and until you permanently leave the property). However, you will still be responsible for paying taxes, insurance and other fees on the property. HUD does not require that you meet certain income and credit qualifications. According to HUD rules, the down payment on your new home will be based on the appraised value only.
This means that as a senior citizen purchasing a new home you may be able to actually eliminate the down payment requirement. And, of course, this would result in more cash for you to spend as you please! Older buyers often get better deals with a HUD reverse mortgage when the appraised value of their home ends up being significantly higher than the actual sales price. This can lead to zero down payment for the buyer.
This leaves more cash in your pocket, which means your golden years can be less-stressful and much more fun! So, it is up to you. There are many financial advantages in looking into reverse mortgages for seniors. Looking at all of your options in earnest is the first step in your road to financial well-being. Remember that the Purchase Reverse Mortgage plan is effective January 1, 2009. Start investigating your options now!
Fast information on reverse mortgages for Seniors found here: http://www.reverse-mortgage-advisers.com
Photo by Ross2085
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