Reverse in Mystic, GA

HECM for PURCHASE If you are 62 years and older, you can purchase your next home with a Reverse Mortgage. On January 1, 2009, HUD opened the reverse mortgage up and began to include the purchase of a home using a Reverse Mortgage. This new type of reverse mortgage is also a FHA insured non-recourse mortgage. This program is exciting as now you can buy a home putting down a fraction of the home’s purchase price at closing. The balance of the purchase price will be handled by the reverse mortgage. Best of all, you won’t have a monthly mortgage payment for as long as you live in the home as your primary residence. The amount of reverse mortgage funds is based on the age of the youngest borrower, the value of the home, and the current interest rate.