Reverse Mortgage for Purchase
Having built a life you can be proud of, isn’t it time to plan a retirement you can enjoy? You may already have more options than you realize to help you achieve your retirement goals.
A Reverse Mortgage for Purchase allows a homeowner to use the equity from the sale of one’s home or from personal funds on deposit, along with proceeds from a Reverse Mortgage loan to buy a new home. This plan helps borrowers to relocate to be closer to family, downsize into a lower‐maintenance home, or simply buy a home that more suits their retirement needs. And as long as the new home is maintained as the primary residence, there are no payments to make.*
. Eligibility requirements include properties that are one‐unit single family residences, townhomes, modular homes and manufactured homes** (built after 07/15/1976, set upon permanent foundations, and cannot have been moved from another site).
. The applicant(s) must attend HUD‐approved counseling prior to application and show proof of non‐borrowed funds to close. Seller concessions are not permitted.
*As specified by Terms of Loan Agreement
**Manufactured housing cannot be located in a Flood Zone and must be converted into deeded real property.
A security interest will be taken in your home. Borrowers are still responsible for certain ownership costs such as property taxes, insurance and general maintenance.
Create the retirement you deserve with the experts you trust.
Mark H. Brittman
Reverse Mortgage Specialist
NMLS # 655810
Homeowners Mortgage Enterprises
A Subsidiary of CoastalStates Bank
NMLS # 154698
LOCAL. AND PROUD OF IT.®