A reverse mortgage for purchase lets you buy your next home with a down payment and a reverse mortgage in one closing, with no monthly mortgage payment afterwards. Mark Boeck guides Arizona homeowners through each step.
You combine a down payment, often from selling your current home, with a reverse mortgage to buy your next home in one closing. No monthly mortgage payment is required afterwards.
Once you move in, no principal and interest payment is required while you live there. You still pay property taxes, homeowners insurance and upkeep.
Instead of paying cash for the whole home, you put down part of the price and keep the rest of your savings for healthcare, travel or emergencies.
Move to a single level home, a home with less upkeep or a home closer to family, without taking on a new monthly mortgage bill.
The down payment depends on your age, the price of the home and current rates, and is often half the price or more. Mark gives you an estimate before you start looking.
Buyers 62 or older who are downsizing, moving closer to family or buying a home that is easier to live in. The new home must become your principal residence within 60 days of closing.
Contact Mark Boeck, Arizona’s trusted Retirement Mortgage Advisor, today and explore how a Reverse Mortgage for Purchase can help you make your next move with confidence.
Buying a new home in retirement can feel overwhelming — but it doesn’t have to be. Mark Boeck, trusted Retirement Mortgage Advisor, answers common questions about using a Reverse Mortgage for Purchase so you can move forward with confidence and clarity.
A HECM for Purchase lets homeowners 62 or older buy a new principal residence with one loan and no monthly mortgage payment required. You make a larger down payment, often from the sale of your current home, and the reverse mortgage covers the rest of the price. Property taxes, insurance and upkeep still apply.
The youngest borrower must be at least 62, the new home must become your principal residence within 60 days of closing, and you must complete counseling with a HUD approved counselor. The lender also reviews your credit and income to confirm you can keep up with property taxes, insurance and upkeep.
Yes. The home is titled in your name, just as with a traditional mortgage. The reverse mortgage is secured by the home and is repaid when you sell, move out permanently or pass away.
Single family homes, townhomes, homes with two to four units where you live in one unit, FHA approved condominiums and some newer manufactured homes can qualify. The home must meet FHA property standards and be your principal residence.
From your own funds, usually the sale of your current home, savings or other assets; borrowed money cannot be used. The amount depends on your age, current interest rates and the price of the new home, and Mark can estimate it before you start shopping.
The loan becomes due. The sale proceeds repay the balance, and you or your estate keep any remaining equity. If the home sells for less than the balance, FHA insurance covers the difference.
