A Reverse Mortgage may be used to purchase your next home.
- If you are over 62, you may purchase a home using a Reverse Mortgage.
- Your age will determine the percentage you may borrow using a Reverse Mortgage.
- Do not have to qualify for this loan with credit score or employment history.
- No monthly payment as long as you adhere to FHA guidelines
A home buyer may borrow between 50-60% of the home value depending on age.
Interest Rates and cost of loan is regulated by FHA and HUD.
You will still own your home when you take out a Reverse Mortgage.
I hope you enjoy this video series about Reverse Mortgages. If you have any other questions, please feel free to contact us:
Gennaro Faiola, Reverse Mortgage Advisor 916.216.1140
Pam McCoy, Realtor® 916.865.8759
Your Senior Real Estate Specialists (SRES),
Pam McCoy serving Folsom, Granite Bay, Roseville and surrounding areas