Purchase a more suitable

replacement home in retirement

Reverse Mortgage for Home Purchase

Want to buy a new home that meets your changing needs or lifestyle?  Maybe you would like to live closer to family, friends, services-or maybe the golf course?  If you are 62+, now you can buy a home without having to deplete your retirement savings and without having to make any monthly mortgage payments.  Use the proceeds from the sale of your home and a HECM Purchase loan for the difference.

  • No monthly mortgage payments.  Loan would be due when you move out permanently.
  • Down payment would be between 34% and 47.4% (plus closing costs), depending on age of youngest borrower.
  • Non-recourse:  Never owe more than what the house is worth at time of sale.  If heirs choose not to repay the loan, and the home is foreclosed, they will not be liable for any deficiency.  Any proceeds remaining after satisfying the debt, will be returned to the estate.

*Stipulations include maintaining the home as your primary residence, keeping current on taxes and insurance (Home Owners Association dues if applicable), and making sure the house is properly maintained.

Find a home search provided courtesy of Real Estate Opportunities, Inc. 999 Marie Avenue West Mendota Heights, MN 55118