Our Reverse Mortgage Blog

Many people think that a reverse is only for senior home owners that have a lot of equity in their homes and want to use it to refinance. While that is true, any senior having equity and wanting to purchase to perhaps downsize, can use a reverse mortgage to fund the purchase of a new home. Careful and thorough planning with a professional mortgage advisor specializing in reverse mortgages can provide all the details to make a smooth transaction possible.

The key on purchasing using a reverse is to find out what your maximum benefit amount is prior to the purchase and then orchestrate the transaction to only put a down payment in place that reaches the maximum benefit amount. Any left over money, can of course be invested and held for greater rate of return or used on other things.

It definitely is worth a look for anyone considering a downsize.

This past week the US Senate passed their version of an FHA reform bill allowing for changes to government loan, including the increase of loan limits in certain counties of the U.S. Since the House already had passed their version of the bill, word has it that the two will get together soon to hammer out the final version to send to the President for signing.

Lenders have anticipated that this will help many people purchase homes using FHA and seniors will benefit by having raised maximum mortgage benefits for Reverse Mortgages. Stay tuned for more information as these changes take effect. As you plan your financial future going into 2008, you should consider getting a free reverse mortgage benefit analysis to have a clear picture of what is available to you. You can start to get this by CLICKING HERE.