Use A Reverse Mortgage To Purchase A New Home

The Home Keeper® for Home Purchase is a proprietary mortgage product. It was developed to suite the needs of various individuals whose home values exceed the HECM standard amounts. This product has evolved into a product in which individuals can actually use it to purchase a home.

In essence this product is a reverse mortgage, and all the usual criteria of reverse mortgages must be met. Borrowers have to be at least 62 years of age (both borrowers when married and both are on the mortgage). The property also must qualify to see if its the kind that fits a reverse mortgage.

A certain amount of the money that is required to buy a home is supplied by the Home Keeper for Home Purchase. The buyer keeps the money that is save. In addition there is no monthly mortgage payment. This is an example of using a reverse mortgage to buy a home.

There are a lot of our clients here at the Reverse Mortgage Page that ask us: How soon can I get a reverse mortgage after I move into my new home? Should I get a traditional mortgage, then reverse the mortgage after 30, 60, or 90 days? A lot are surprised when they are told that the middle man has been totally cut out. A senior when buying a new home can get a reverse mortgage to buy that home. We tell them absolutely do NOT get a “forward” mortgage if they intend to turn around and reverse the mortgage. The fees in doing so will be way too much.

,p>This product is used for seniors who are moving to a new home. The length of time living in that home should be 5 years or more. There are no limits to income or credit requirements, so seniors can actually buy a home for more than they would otherwise be able to afford. As with all reverse mortgages there are no monthly payments. This is another great advantage of a reverse mortgage.

Home Keeper® is a registered trademark of Fannie Mae. They require that at the loan application, you have proof of whatever funds you will be using for your part of the down payment.