Reverse Mortgage Specilaist Colorado

Reverse Mortgage Purchase Program

 






Purchase Program

Example:
Seniors can now purchase a new or existing home using the FHA Government-insured
Home Equity Conversion Mortgage (HECM)!


Purchase Price Age 62 Age 65 Age 70 Age 75 Age 80
$100,000 $49,500 $46,950 $42,700 $38,050 $33,200
$150,000 69,700 66,000 59,750 52,950 45,900
$200,000 90,500 85,550 77,300 68,350 59,100
$250,000 110,700 104,600 94,350 83,250 71,800
$300,000 131,000 123,650 111,400 98,150 84,150
$350,000 150,350 142,750 128,500 113,075 97,200
$400,000 171,500 161,800 145,500 127,975 109,900
$450,000 191,250 180,350 162,100 142,375 122,100
$500,000 211,000 198,900 178,600 156,775 134,300
$550,000 230,750 217,450 195,200 171,150 146,500
$625,000+ 260,575 245,450 220,200 192,900 164,925


*$625,500 is the maximum allowable home value used for calculating net proceeds available from the FHA Reverse Mortgage Program (HECM).
 
You can now buy a new or existing home using the FHA Government-insured  Home Equity Conversion Mortgage (HECM)!
 
For instance, if a 70 year old senior wanted to purchase a $300,000 home, he or she could put approximately $111,400 down and finance the balance of $188,600. The senior would then make no monthly payments for as long as he or she maintained the home as a principal residence.
 
Interest and MIP (Mortgage Insurance Premium) simply accrues on the initial loan amount and is not due until the 2nd borrower (if 2), dies, moves or sells the home.
 
Eligible properties include:
 
  • 1 to 4 unit single family homes
  • Manufactured homes, built after June 15th 1976, that meet HUD's permanent foundation guidelines
  • Condominiums