What is the Reverse Mortgage Purchase Program?

A loan insured by the Federal Housing Administration that allows people 62 and older to purchase a home without taking on monthly mortgage payments*.

Does the Reverse Mortgage Purchase Pay the Homeowner?

No, the Reverse Mortgage Purchase allows homeowners to purchase a home without taking on monthly mortgage payments*, but does not provide an income source.

What are people using the Reverse Purchase Program for?

• Downsizing
• Upsizing
• Relocating
• New Construction
• Borrowers that don’t qualify for traditional financing

How does it work?

• The down payment requirement is based on age, purchase price, FHA limits, and the current interest rates.
• The remaining amount is financed through the Reverse Mortgage.
• Payments are deferred until the home is sold or the last borrower moves out permanently.

What are the Requirements?

• Must be Age 62 or older
• Must occupy the home within 60 days of purchase
• Down Payment required cannot be borrowed
• No income* or credit score requirements
• Seller Concessions are not permitted

What are the Eligible Property Types?

• Primary Residence
• 1-4 units
• FHA approved Condos
• PUDs

What are the Eligible Property Types?

• Must pay Property Taxes and Home Owner’s Insurance
• Maintain Proper Upkeep of the Property
• Must reside in the home

For a quick refinance quote

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