Reverse mortgages can be used to purchase a property?
Reverse mortgages have traditionally been used by people 62 and over
to access cash from the equity they may have in their primary residence. A reverse
mortgage for purchase usually works best when a senior is looking to downsize. When
using a reverse mortgage for purchase, a substantial down payment is required. No monthly mortgage payments are
required. The benefit of using a reverse mortgage to purchase in NY is there is no
mortgage tax. Although some may feel closing costs on a reverse mortgage are high the
benefit of never having to make a monthly mortgage payment is a benefit that probably outweighs
the costs in many instances. Even with a
reverse mortgage purchase product you do not have to have income to qualify, and it does not
matter what your credit score is. If you are looking to downsize, a reverse mortgage for
purchase, might leave you with additional liquid funds you might not otherwise have had access
to. This product is just one of the reverse mortgage programs approved by, FHA, Federal
Housing Administration, and is government insured. Give Annette Fisher a call at 1-800-
380-4623 ext. 888 and she will send you a free, no obligation report on reverse
mortgages.