{"id":323,"date":"2016-10-14T22:00:07","date_gmt":"2016-10-14T22:00:07","guid":{"rendered":"http:\/\/marioshomenews.com\/?p=323"},"modified":"2016-10-14T22:00:07","modified_gmt":"2016-10-14T22:00:07","slug":"reverse-mortgage-home-purchase","status":"publish","type":"post","link":"https:\/\/marioshomenews.com\/?p=323","title":{"rendered":"A Reverse Mortgage Home Purchase"},"content":{"rendered":"
\"A<\/a>

A Reverse Mortgage Home Purchase<\/p><\/div>\n

 <\/p>\n

What is a Reverse Mortgage Home Purchase<\/h2>\n

Many older homeowner’s have taken advantage of reverse mortgages as it has allowed\u00a0them to refinance their existing mortgage or increase their cash flow and remain in their home, mortgage free. \u00a0Many retirees don’t realize, however, \u00a0they also have the opportunity to purchase a new home with the HECM reverse mortgage purchase program. \u00a0Often, people use this tool to buy a home they couldn’t otherwise afford while still eliminating mortgage payments. Utilizing this tool, you can realize the benefits of a reverse mortgage with no monthly mortgage payments. \u00a0 And, you can move to a new home all in a single transaction.<\/p>\n

Requirements<\/h2>\n

To qualify for a reverse mortgage home purchase, you must be at least 62 years old. \u00a0If you have a younger spouse, you can take advantage of the new non-borrowing spouse rules for the FHA Insured HECM Reverse Mortgage. The down payment is higher than traditional mortgages because you don’t have to make mortgage payments. \u00a0Because of this, the equity in your home is used to pay the loan back after you leave the home permanently.<\/p>\n

Since you make no payments while you live in your home, you must have equity from the onset. The younger you are, the more money you need to contribute because of your longer life expectancy. The income qualification is lower than traditional mortgages because there are no mortgage payments added to your debt ratio. With new guidelines in place, you must show a good payment history for past housing and debt expenses.<\/p>\n

Eligible Properties<\/h2>\n

Eligible properties are single family residences, new construction where certificate of occupancy has been issued, HUD approved condos and townhouses. Down payment sources include cash from savings and investments, gifts from family members or proceeds from the sale of an existing home or asset. Funds that are borrowed such as seller financing or credit cards are not allowed as a funding source, nor would a subordinate lien be allowed. Closing costs must be paid by the buyer. \u00a0Seller concessions are not allowed. Once appraised and inspected, if repairs are necessary, \u00a0the seller must complete these prior to closing.<\/p>\n

Most people want to live in nicer homes, at any time of their lives. \u00a0 Why not do so through this instrument allowing you that ability?<\/p>\n

Get in Touch with Me<\/h2>\n

I\u2019m Mario Quintero,<\/a> your mortgage & realtor for life. Let me be your Miami home consultant. Our office specializes in both residential and commercial real estate and financing programs. Let me help you secure a conventional, jumbo, FHA and foreign national mortgage loans. Furthermore, we can help your elderly parents secure a comfortable retirement with a reverse mortgage.<\/p>\n

Call me today at 305-598-1600 or contact me here.<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

  What is a Reverse Mortgage Home Purchase Many older […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[44,43,41],"tags":[59,14,11,8,17],"class_list":["post-323","post","type-post","status-publish","format-standard","hentry","category-florida-reverse-mortgage","category-miami-reverse-mortgage","category-reverse-mortgage","tag-benefits-of-a-reverse-mortgage","tag-florida-reverse-mortgage","tag-miami-reverse-mortgage","tag-reverse-mortgage","tag-senior-reverse-mortgage"],"yoast_head":"\nA Reverse Mortgage Home Purchase - Mario's Home News<\/title>\n<meta name=\"description\" content=\"A reverse mortgage home purchase allows an older homeowner to place a reverse mortgage on their existing home and purchase a new property simultaneously.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/marioshomenews.com\/?p=323\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"A Reverse Mortgage Home Purchase - 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