Reverse Mortgage for Purchasing a Home

A reverse mortgage to purchase a home is a great product that is becoming more and more popular as realtors realize how much this can help their clients. It is a loan that allows you to apply the same principals of a reverse towards the purchase of a home. So basically you want a new owner occupied home. With the reverse for purchase the lender will put down 55 to 70 percent of the purchase price depending on the borrowers age and then the borrower puts down the rest and never makes another mortgage payment as long as they occupy the home. The lender uses up the money that the borrower put down rather than getting monthly payments. It’s a great way to purchase what you want and not have to spend all of your savings or have a large monthly mortgage payment.

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