Hassle-Free Homebuying for Seniors
Want a new home with upgrades, but don’t qualify for a loan? Looking to live closer to family, without lowering your standards? With the Reverse for Purchase Program from Reverse Mortgage of Texas, it’s possible for seniors to afford their dream homes — even if your new home is worth more than your current one.
Until now, buying a new home has been a challenge for seniors, who are often limited by fixed incomes. Even for seniors who own their own homes, or have substantial equity, buying a new home or moving to a new location can be difficult with a traditional loan. The Reverse for Purchase program was created to make it easier for seniors to buy new homes — whether you want to downsize, upsize, or move to a new location. Want to learn more? Click here, or call us at 972-784-8000.
What is a Reverse for Purchase Mortgage?
A Reverse for Purchase mortgage is an FHA-insured loan that allows a senior, age 62 or older, to buy a house by paying about 50% down, with no future mortgage payments. Homeowners must continue to pay property taxes, homeowner’s insurance, and any applicable HOA dues. Learn more.
• Buy a new home with 40-52% down.
• Reverse Mortgage of Texas puts up the rest.
• Never make another mortgage payment as long as you live in the home.
• Homebuyers must be 62 or older to qualify. (If married, both spouses must be 62 or older).
• Additional regulations apply.