A reverse Mortgage for Purchase allows seniors at least 55 years of age to purchase a home through a reverse mortgage. This can be a valuable option for seniors who need a new home that better meets their physical needs or who wish to move closer to family members.

You DO NOT make monthly payments on the new house because this is a reverse mortgage product. However, unlike a traditional reverse mortgage, HECM for purchase loans require a down payment. This must be paid by the borrower. The typical down payment required is based on the borrower’s age. The older the borrower is, the lower the down payment requirement will be. HECM for purchases are subject to the same guidelines as a standard HECM loan.

CONTACT INFO

19751 Mainstreet
Suite R10
Parker, CO 80138

Arizona Branch
2675 W SR89A #1158
Sedona, Az 86336

LICENSING

Company NMLS ID: 2268418
Mortgage Loan Originator NMLS ID: 2216012

Equal Housing Opportunity

If you qualify and your loan is approved, a HECM loan must pay off your existing mortgage(s). With a HECM, no monthly mortgage payment is required. Borrowers are responsible for paying property taxes and homeowner’s insurance (which may be substantial). We do not establish an escrow account for disbursements of these payments. Borrowers must also occupy home as primary residence and pay for ongoing maintenance; otherwise the loan becomes due and payable. The loan must be paid off when the last borrower, or eligible nonborrowing surviving spouse, dies, sells the home, permanently moves out, or does not comply with the loan terms. A HECM increases the principal mortgage loan amount and decreases home equity (it is a negative amortization loan). These materials are not from HUD or FHA and were not approved by HUD or a government agency.