Everything You Need To Know About Reverse Mortgage Refinance and Purchase

Everything You Need To Know About A Reverse Mortgage
Separate Fact From Fiction  Learn The Steps and Financial Requirements  Discover The Benefits
A Reverse Mortgage (HECM) is a way for homeowners ages 62 and older to leverage the equity in their existing home or for a new home . With a reverse mortgage, a homeowner who owns their home outright — or at least has considerable equity to draw from — can withdraw a portion of their equity without having to repay it until they leave the home.

The HECM for Purchase is the most common among reverse mortgages used by borrowers to purchase new homes. Where the Reverse Mortgage for Purchase differs is in the closing transaction for buying the new home. Within a single transaction, the borrower can purchase a new home after selling their existing home and with the reverse mortgage, essentially eliminating monthly mortgage payments from the new home purchase.