What Is Reverse Mortgage for Home Purchase Program

Last month, Taiwan Cooperative Bank unveiled its reverse mortgage program in the greater Taipei area and since then, has approved loans from three applicants. One of those applicants was a 94-year-old.

The Home Equity Conversion Mortgage (HECM) for Purchase was created by Congress four years ago to streamline home-buying transactions and cut costs, says Peter Bell, president of the National.

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Buy With a Reverse Mortgage. Seniors using this program must have the means to pay the difference between the sale price of the property plus settlement costs, and the maximum amount they can draw on the HECM. The maximum draw is based on the lower of the sale price, appraised value and FHA’s maximum loan amount.

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What Is Reverse Mortgage for Home Purchase Program. Ask Kate about the Reverse Mortgage for Home Purchase Program: The FHA Home Equity Conversion Mortgage (HECM) is most commonly used for refinancing. Featuring no monthly house payments, the program produces steady income for Senior homeowners. But few know that Senior home buyers can also take advantage of the program.

A reverse mortgage for purchase may help some seniors finance a new place to live.

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An FHA reverse mortgage is designed for homeowners age 62 and older. It allows the borrower to convert equity in the home into income or a line of credit. The FHA reverse mortgage loan is also known as a Home Equity Conversion Mortgage (HECM), and is paid back when the homeowner no longer occupies the property.

A reverse mortgage is a type of home equity loan that allows homeowners to borrow against the value of their homes. No repayment of the mortgage (principal or interest) is required until the borrower dies or the house is sold. Reverse mortgages aren’t for everyone.

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In 2014, the Department of Housing and Urban Development, or HUD, eased the rules on these Home Equity. tweak in reverse mortgage loans came in 2009, when the Federal Housing Administration, or FHA.

If you are a homeowner age 62 or older and have paid off your mortgage or paid down a considerable amount, and are currently living in the home, you may participate in FHA’s HECM program. The HECM is FHA’s reverse mortgage program that enables you to withdraw a portion of your home’s equity.

When you were younger, your home was the perfect place. Your spacious backyard, shaded by trees, provided the place for your children to run, laugh, and play.