If you are senior who just happens to want to live in Arizona, now is your chance to buy a house with no down payment and make no mortgage payments for as long as you live in the home.
Re-read that last part.
Buy a home in Arizona, make no down payment and make no mortgage payments for as long as you live in the home?
FHA’s newest reverse mortgage program is called the HECM for Purchase reverse mortgage program and will allow you to do just that.
Take the following example for a 70-year-old-senior who wants to live in Sun City and finds a bank owned property that the bank is willing to accept an offer of 100,000. The property has an FHA-approved appraisal done that states its value is $170,000. According to our FHA HECM for Purchase reverse mortgage calculator, you would need to bring no money down — and — you would not be required to make a mortgage payment as long as you live in your house!
Are you a senior who is interested in buying a home with no money down and never making a mortgage payment as long as you live in your home? A good place to start your search is by working with a Realtor who specializes in bank owned properties and can find you a property that appraises for more than the bank is willing to accept for the property.