Reverse For Purchase

Reverse For Purchase

What is Reverse For Purchase?

The Home Equity Conversion Mortgage (HECM) for Purchase allows seniors at least 62 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. Since this is a reverse mortgage product, monthly payments are not made on the new house.

Unlike the traditional reverse mortgage, HECM for purchase loans require a down payment, which you must pay with your own cash.  Typically the 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.

ADDRESS

6080 Center Drive
6th Fl.
Los Angeles, CA 90045

CONTACT

LICENSING

Equal Housing Opportunity

Disclaimer-My Reverse Options/www.www.myreverseoptions.com is a licensed California Mortgage Broker. We provide information to the public and establish relationships. All loans initiated on this site are processed under NMLS license # 1928866. Our preferred lending partners are American Advisors Group (AAG),  Finance of America (FAR) and Mutual of Omaha Mortgage.