A lesser-known fact is the potential to use a Reverse Mortgage for the purpose of buying a home.
At Locus Mortgage, we view this option as an essential tool, particularly for seniors who may otherwise face challenges in qualifying for a home purchase. Even for many who have the option for a conventional loan on a purchase, a Revese Mortgage can actually be a better financial decision because of their structure.
A Reverse Mortgage for Purchase, or Home Equity Conversion Mortgage (HECM) for Purchase, enables seniors to purchase a new primary residence with a reverse mortgage. This can be a beneficial choice for seniors who want to relocate or downsize, and it’s an alternative to traditional mortgages or home equity loans.
In certain scenarios, opting for a Reverse Mortgage for Purchase could be a more advantageous choice over other types of purchase loans.
This could be the case for seniors who want to preserve their cash savings or those who want to supplement their income while also purchasing a new home.
It’s important to note that while this option can provide numerous benefits, it may not be the right choice for everyone.
Therefore, we encourage you to reach out to us to gain a deeper understanding of this option and to determine if it aligns with your specific circumstances and financial goals.
We’re here to help any home buyer navigate their options and make the best decision for their future.