Seniors can now use Reverse Mortgage to buy home

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.