Reverse Purchase

Reverse Purchase

ATTENTION ALL READERS OVER 62:

You can now purchase a home and never make a payment for the rest of your life!!

This is a new loan program offered through FHA and guaranteed by the U.S. Government.

Example:

Bob and Margaret are selling their home in East Dallas and moving to Murphy to be close to the kids. Their current home is free and clear and they will net $150,000. They could find a $200,000 home, put $150,000 down and have a $50,000 mortgage but we discussed the pros of a Purchase Reverse. They are now looking at a $225,000 home, putting $90000 down (with the remaining in the bank for reserves) on a Purchase Reverse. This gives them a home with no payment, $60,000 in reserves for emergencies, and they are close to the family.

What a great program.

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