Reverse Mortgage for Purchase – New Florida Mortgage

If you are interested in buying a home using a Reverse Mortgage purchase loan please complete this short form to receive a personalized quotation. Often real estate agents prefer to work with a buyer who has a pre-approval as it demonstrates that they are well-qualified to receive financing and are serious about buying a home.

allows homebuyers age 62 or older to purchase a new principal residence using loan proceeds from the reverse mortgage. This home buying process, however, is a bit different from purchasing a home with a traditional mortgage. A HECM for Purchase allows borrowers to obtain a reverse mortgage and buy a new home all within a single transaction.

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A reverse mortgage enables older homeowners (62+) to convert part of the equity in their homes into tax-free cash without having to sell the home, give up the title, or take on a new monthly mortgage payment. The reverse mortgage is aptly named because the payment stream is "reversed."

The federal housing administration (FHA) insures HECM reverse mortgages on properties valued up to $726,525. The proprietary loans are jumbo reverse mortgages, with loan amounts up to $2.25 million.

Florida Reverse Mortgages. Floridians are increasingly turning to Reverse Mortgages to help them stay in their homes during retirement. The number of HECM reverse mortgage loans in Florida has increased 35% since 2014. 1 As one of the largest reverse mortgage lenders in the nation, Liberty Home Equity Solutions, Inc. (Liberty) has helped more than 1,100 Florida homeowners since 2011 2 discover.

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A reverse mortgage enables older homeowners (62 +) to convert part of the equity in their homes into tax-free cash without having to sell the home, give up the title, or take on a new monthly mortgage payment.The reverse mortgage is aptly named because the payment stream is "reversed." Florida Reverse Mortgages.

A Home Equity Conversion Mortgage (HECM) for Purchase is a reverse mortgage that allows seniors, age 62 or older, to purchase a new principal residence using loan proceeds from the reverse mortgage.

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