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Purchase with Reverse Mortgage


We at Reverse-Mortgage-Explained.com find that many seniors are interested in a home purchase with reverse mortgage or HECM loan. Reasons for purchasing a new or existing home with a reverse mortgage include:

  • Downsizing
  • Moving Closer to the Children/Grandchildren/Other Family and Friends
  • Buying a retirement home and wanting to keep some cash from the sale of the existing home
  • Not being able to qualify income or credit wise with a conventional forward loan.


    • Be Aware!
    The things you should be aware of if you are considering a home purchase with reverse mortgage are:

  • The home must be the primary residence within 60 days of the reverse mortgage purchase
  • Funds used to purchase with a reverse mortgage must be sourced (funds in the bank, sale of an existing home, life insurance proceeds, etc.) and seasoned (3 months bank statements or a settlement statement from sale of an existing property). They cannot be borrowed funds
  • The program allows for gift funds from family members but they must also be sourced and seasoned and must not require repayment
  • When you purchase a home with a reverse mortgage you are not allowed to have any seller concessions or sweat equity deals. For example: you will finish the painting. The seller also must repair any health or safety issues with the property and provide proof that they paid for the work done


    • This is a New Program
    Purchasing with a reverse mortgage is a relatively new program which became effective Jan 1, 2009. As a result many realtors, sellers and mortgage professional are not familiar with the reverse mortgage purchase program and are leery of accepting offers on a property when they find out a reverse mortgage is involved.

    The way around obstacles like this is to work with a reverse mortgage specialist in this area. The first thing you can expect from this specialist is a pre-qualification letter and a phone call to your realtor letting them know how the program works and how much you qualify for.

    For a FREE reverse mortgage purchase guide click this link:
    Free Purchase with Reverse Mortgage Guide (Click Here)


    TIP! Learn all about Reverse Mortgages - Step by Step Learn About Reverse Mortgages (Click Here)


    For more information on Purchasing a Home with a reverse mortgage loan please follow this link:
    > More info on a Purchase Reverse Mortgage (Click Here)

    We can refer you to expert Top 100 lenders who have successfully closed many reverse mortgage purchases. Use the form below to ask for a referral or Call us Toll Free anytime at (800) 801-1375

    I am interested in Purchasing with a Reverse Mortgage
    Please note that all fields followed by an asterisk must be filled in.
    First Name
    Last Name*
    E-mail Address*
    Zip/Postal Code*
    Comments/Questions Here


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