Can I make use of a reverse mortgage loan to purchase a home in Ashland Oregon? Answer: Yes. The Department of Housing and Urban Development (HUD) has a “HECM for Purchase” program that allows baby boomers in city state, age 62 or older, to purchase a house using a reverse mortgage. You need a much larger down payment when compared with a standard mortgage, yet like all reverse mortgages, you will not have to make monthly payments on the reverse mortgage provided that you satisfy all of the requirements of the loan. Tip: For additional details on the HECM, visit HUD’s website, or ask your housing counselor. You will find…

Tips for a Successful Reverse Mortgage Purchase Transaction For your reverse mortgage purchase transaction in Ashland Oregon to go smoothly, be sure you understand the guidelines before you start looking for a home. If you are the buyer and reverse mortgage borrower or Realtor, study these important tips to assure closing on time and without headaches. Step one:  Get Reverse Mortgage Counseling prior to shopping for a home! Once your offer is accepted, we move quickly to start the loan process to meet the time frame of your purchase agreement, typically 30 to 45 days.  But the process cannot start until you present us with a reverse mortgage counseling certificate.…