Purchase Reverse Mortgage Calculator

Thank you for visiting the online Purchase Reverse Mortgage Calculator. This is exciting news to Senior Americans including those who wish to downsize, move closer to family and friends, move into senior communities for the activities or amenities they offer, or those who find that their current home simply does not meet their needs any longer such as those needing wider halls for wheel chair access and those needing single story homes that currently reside in multiple story properties.

Reverse Mortgage Calculator Results Explained:

Available Loan = The maximum loan available with a Purchase Reverse Mortgage is based on same calculations as traditional HECM (Home Equity Conversion Mortgage) and may be applied for purchasing a new home.

HUD (the Department of Housing and Urban Development) has been long overdue to reform it's well established program ehich as typically served as a means for seniors on a tight budget to tap into their equity to help meet their retirement needs. Come Jan 1 2009 Senior citizens age 62 and older will be able to apply for the federally-insured reverse mortgage program for HOME PURCHASE. This is exciting news for many seniors who have wanted to downsize or move closer to family.

No Monthly Payments? That's a given since reverse mortgages never require the homeowner to make a monthly payment.

What about Down Payment Requirements? The Down Payment required when purchasing a home with the reverse mortgage depends on your age, interest rates, and the appraised value of the home. FHA has thrown all of us lenders for a loop when they issued the official Mortgagee Letter announcing they will use the property’s VALUE, rather than the actual PURCHASE PRICE. With so many short sales, bank owned and distressed properties on the market today, many areas across the US are seeing properties that still appraise higher than asking prices. This means Little to No Money down for some properties! Of course not all seniors will find real estate examples like this in their area but for some this will be a chance of a lifetime. If you or a loved one would like to take advantage of this opportunity give us a call Toll Free 888-801-2762 Ext 702 or request a free reverse mortgage purchase quote

Important Notes:

*Not a commitment to lend

*Not all reverse mortgage programs are built into our calculator such as Jumbo Programs for High-Valued Homes. If you have a significant equity position and a high valued home please call in or complete online questionnaire for all available options.

*Tax-Free: Always consult your trusted tax-professional

*Calculator results are for illustration purpose only and are not an offer to lend. If you wish to receive a formal quote with an estimate of all loan charges, as well as an amortization schedule that will show interest accrued year by year please contact one of our reverse mortgage specialists or complete our secure online questionnaire.