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Reverse Mortgage
April 8th, 2015 9:08 AM

Barbara's Blog:

Now you can purchase a home with the FHA Purchase Money Program and make no additional mortgage payments for life!   You can use this program to purchase your dream home, free up your savings and enjoy retirement life.  This new reverse mortgage is available if at least one of the borrowers is age 62 or older.

Here are the primary features:

  • No monthly mortgage payments
  • Owner occupied primary residence
  • Few credit requirements
  • FHA Insured loan
  • Down payment funds must be from the borrower's own verifiable funding source OR funds may be gifted from a family member.
  • Bank does not own your home
  • Borrowers can leave home to their heirs

After age 62, a borrower can get a larger loan amount, with less of a down payment.  The average down payment is approximately half of the sales price of the home, depending on age.  The older the borrower, a smaller down payment would be required.

This is an exciting new FHA program that will allow seniors to enjoy their Florida home without draining their savings account.  FOR MORE INFORMATION AND DETAILS, PLEASE CONTACT ALLEN DOERINGER AT 407-421-8761.

Barbara


Posted in:Real Estate
Posted by Allen Doeringer on April 8th, 2015 9:08 AMPost a Comment

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