We have been getting more than just a few questions lately about the FHA HECM for Purchase program - where seniors can purchase a home using the FHA HECM reverse mortgage program. Here is one recent question that came in from Frank who is thinking about buying a home in Queen Creek using the FHA HECM for Purchase program. Frank's email: Have you actually done a FHA HECM purchase reverse … [Read more...]
How To Buy A House With A Reverse Mortgage: No Down Payment, No Monthly Payments. Ever.
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? Correct. FHA's newest reverse mortgage program is called the HECM … [Read more...]
FHA HECM for Purchase Program: The Best Loan Ever?
The FHA HECM for Purchase - New as of January 1, 2009 Is the new FHA HECM for Purchase program the best way to buy a house? If you are a senior, it is hard to beat. Imagine the following scenario: You find a house that has an appraised value of $150,000. The seller is willing to sell you the house for $100,000 (not uncommon in today's market). You were born on January 5, 1947 - which … [Read more...]