Mortgage Forums Arrow Image Mortgage News Arrow Image

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.

Community Members Opinion
Mini Profile  Niicss
Joined: 03 Oct 2005

Posts: 5499
Location: New Jersey

601.94 Dollars($)

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.
Good is the Enemy of Great.
Page 1 of 1


Page loaded in 0.460 seconds.