Reverse For Purchase
An Great Option for Clients Wanting to Rightsize in Retirement
Utilizing a reverse mortgage to purchase a home is a valuable, smart option for retirees. Instead of using a traditional mortgage, retired borrowers can use the sale of a previously owned home — or other savings and assets — as a down payment. The option will allow your clients to use the equity created to make up the difference between the down payment and the purchase price, enabling them to move into their new home with no required monthly mortgage payment.*
Expand your borrower base by sharing this program and its benefits with prospective buyers and realtors.
Key Borrower Benefits
- Allows seniors to relocate during retirement while benefiting from the financial flexibility a reverse mortgage provides
- No monthly mortgage payment required (the borrower is still responsible for taxes, HOI and HOA dues)
- Non-recourse loan
Why Consider the Reverse for Purchase Program
Whether your client wants to upsize, downsize, or relocate, the program can help homebuyers afford more home and retain more cash. The HECM for Purchase and Choice for Purchase can be more viable options than other types of financing. It can allow homeowners to just use a portion of their cash proceeds for the purchase of a new home, it can increase their purchasing power, and it can provide them with the unique benefits like no required monthly mortgage payment.*
They’ve worked hard all their lives to get to this point. You can help them retire better.