Reverse Mortgage Purchase
It is about time that the federal government did something good for the seniors in this country. If you are over 62, starting January 20, 2009, you can purchase a home and never make a payment as long as you live.
You read that correctly. Never make a payment as long as you live.
This is a new loan program offered by the FHA and guaranteed by the USA.
Example:
Rosie needs to downsize from her $300,000 home in which she will net $100,000. She does not want a payment as she is now alone and does not want to have that monthly expense. She began to look at $100,000 homes and had almost decided to not purchase as she cannot find anything in that price range that she is comfortable living in. After finding out about the new Purchase Reverse Mortgages, she has decided to purchase a $200,000 home, put $100,000 down and never make a payment as long as she lives in the home.
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