Home equity conversion mortgage for purchase program

Don who is 68 years old, wants to move closer to family. However, he wants to eliminate his monthly mortgage payments. Go to top of page and determine your eligibility for a reverse mortgage loan 1 You must live in the home as your primary residence, continue to pay required property taxes, homeowners insurance, and maintain the home according to FHA requirements.

Failure to meet these requirements can trigger a loan default that may result in foreclosure. Protection against owing more than home is worth. The home is the only source of repayment regardless of the loan balance at maturity. Since home values can decline, the borrower could owe more than the home is worth.

Actual down payment amounts vary based on interest rate, borrower age and other factors. This range assumes closing costs will be financed into the loan. No mortgage solicitation activity or loan applications for properties located in the State of New York can be facilitated through this site. Please click here for full Reverse Mortgage Funding state licensing. Accessibility Statement.

Privacy Policy. Terms of Use. For licensing information, go to: www. Introduction My name is Julie Didyoung, and I have worked in the reverse mortgage industry since Eligible properties are single-family homes and FHA- approved condominiums.