Buy a New Home using a Reverse Senior Mortgage!

If you are in your golden years and are thinking

about how you can have more cash coming in each

month or perhaps purchasing a new home, this article

is for you!  The answer may lie be as simple as

checking out reverse mortgages for seniors.

If you are in your golden years and are thinking

about how you can have more cash coming in each

month or perhaps purchasing a new home, this article

is for you!  The answer may lie be as simple as

checking out reverse mortgages for seniors.  The

only qualifications you need are that you have

reached the age of 62 and that you are currently a

home owner.  Take the time now to read all about it!

With a reverse mortgage, you have the opportunity to

use this type of mortgage even though your credit

may not be stellar and you are unable to make large

monthly mortgage payments.  Purchasing a home using

a reverse mortgage does not on what your income is. 

The good news is that the Federal Housing

Association (FHA) will start insuring reverse

mortgages for home purchases in January 2009.  By

using a reverse mortgage on the home that you now

own, you will be able to at least consider moving to

another home that better suits your current needs. 

Bear in mind that as of November 2008 the loan limit

on reverse mortgages is $417,000.00. 

The best news about a reverse mortgage is that in

addition to having the opportunity of buy a new

home, you won’t have to come up with a lot of cash

and you will never have to make a  mortgage payment

(unless and until you permanently leave the

property).  However, you will still be responsible

for paying taxes, insurance and other fees on the

property.  HUD does not require that you meet

certain income and credit qualifications. 

According to HUD rules, the down payment on your new

home will be based on the appraised value only. 

This means that as a senior citizen purchasing a new

home you may be able to actually eliminate the down

payment requirement.  And, of course, this would

result in more cash for you to spend as you please! 

Older buyers often get better deals with a HUD

reverse mortgage when the appraised value of their

home ends up being significantly higher than the

actual sales price.  This can lead to zero down

payment for the buyer.  This leaves more cash in

your pocket, which means your golden years can be

less-stressful and much more fun!

So, it is up to you.  There are many financial

advantages in looking into reverse mortgages for

seniors.  Looking at all of your options in earnest

is the first step in your road to financial

well-being.  Remember that the Purchase Reverse

Mortgage plan is effective January 1, 2009.  Start

investigating your options now!

Article Tags: Home Using, More Cash, Reverse Mortgages, Reverse Mortgage, Down Payment

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