Reverse Mortgages Can Help Buyers Purchase Their New Home

March 1, 2022

Did you know that homebuyers 62 and older can purchase their next home with a reverse mortgage? The Home Equity Conversion Mortgage (HECM) is tailored to suit the needs of the growing number of senior buyers. There are a variety of reasons why seniors may want to purchase their next home. Whether it be upsizing, downsizing or meeting long-term needs, a reverse mortgage could be just what your borrower needs!

A HECM for Purchase loan combines a reverse mortgage with the equity from the sale of a previous home – or from other savings and assets – to buy the next primary home in one single transaction. Reverse mortgages aren’t always for everyone but may be a good option for senior buyers nearing or in retirement. There is no monthly payment and it can free up cash flow giving seniors more liquidity and flexibility as they grow older.

Read More About Reverse for Purchase.

Find out more about reverse on our website, and reach out to us at Reverse@plazahomemortgage.com. Let’s explore adding this strategy as another option for your borrowers and your business.

Category: Reverse Market News

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