Reverse Mortgage For Purchase

Customers Maintain Ownership of Their Residences

The flexibility and independence that a reverse mortgage gives borrowers is one of its major advantages. In fact, even when they take out a reverse mortgage loan, borrowers can keep ownership of their properties. Clients must fulfil all requirements of the original loan arrangement in order to keep ownership. This usually entails maintaining the house, performing required repairs, paying the property taxes on time, and keeping a homeowner's insurance policy in force.

Standard Lenders

Reverse Mortgage Purchase
Are you interested in learning more about a reverse mortgage purchase or getting started with the process? At Standard Lenders, we can provide you with exceptional care and personalized advice to guide you through the process of how to purchase a home with a reverse mortgage in a way that works with your circumstances. If you want to purchase a home with a reverse mortgage, let us help you.
Using A Reverse Mortgage to Purchase a Home
Purchasing a home with a reverse mortgage is a simple process, to qualify, you simple need to be age 62 or over and have enough savings to pay the necessary down payment on the home. The down payment requirement with a Reverse Mortgage for purchase will be dependent on your age and the value of the home you’re trying to purchase. Once completed you can move in and immediately be in a Reverse Mortgage. Like other reverse mortgages, reverse mortgages for purchase loans do not require monthly payments, but you will still need to meet the other regular requirements for a reverse mortgage*.

*Borrower is still responsible to pay property taxes, homeowner’s insurance, and home maintenance costs.