Yes, I did say Reverse Mortgage for Purchase. I love this product. If you are looking to downsize or just want to own but don't want to use up all the "cash" you have from either the sale of your existing home or cash you have in investments etc., this is a great way to go.What this in effect means for the senior borrower is that they can purchase a home using a reverse mortgage instead of the traditional mortgage. So seniors who wanted to purchase a new home but who do not have good credit, a steady substantial income or just don't want to make those monthly payments at this time in their lives, can now easily do so with the already effective reverse mortgage purchase loan. NO CREDIT CHECKS OR INCOME VERIFICATION.To benefit more from this new program, seniors may choose to downsize by moving into a smaller home or cheaper community closer to family and friends so as to eliminate the need to make any extra down payment and also leaves them with more extra proceeds from the sale of the old home for their personal use. The new program is even made more attractive when one considers that they would not have to make any monthly mortgage payments for as long as they reside in their new home.The new Purchase Reverse Mortgage became effective in January 1, 2009 and since then the FHA began to insure reverse mortgage purchase loans. If you are a senior who qualifies for this program and wishes to change your home now is the best time to begin especially because values are so low right now, you're new home only stands to increase in value
