Reverse mortgages can be used for home purchase

As of January 1st 2009, HUD began allowing a reverse mortgage to be used as a means to purchase a home. Qualifications for this option were comparable to typical reverse mortgage options (buyer must be the primary resident, over the age of 62, etc.) but there are some differences. For clients that are utilizing a portion of their equity from selling their existing home and looking to purchase a new one, HECM for Purchase could be an ideal option. To Learn More about this purchase option, visit the HUD Website.

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