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Seniors can now use Reverse Mortgage to buy home

Shared by Jameshogg on Mon Dec 22, 2008 11:21 pm

Home buyers who are 62 years or older can now take a reverse mortgage to buy their primary residence. Earlier reverse mortgages were given to the seniors on the equity of their existing homes which helped them in paying their property taxes, other expenses etc. But they were not able to buy a new home with the reverse mortgage. In order to help the seniors in purchasing their home, this new plan will come into effect from 1st January, 2009.

Source: http://www.courant.com/business/realestate/hc-hrereversemortgateupdate1221.artdec21,0,7036737.story
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Niicss
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PostPosted: Tue Dec 23, 2008 1:39 am    Post subject:

This is really a great news for senior home buyers. I am sure a lot of people will be helped by this. However, there are certain rules that one needs to follow in this case. This reverse mortgage can be used to buy one to four-family houses. Moreover the purchasers must move in within 60 days of closing of the loan.
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