Purchase

HECM for Purchase

June 28, 2018 /

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 a housing counselor in Ashland utilizing HUD’s counselor search webpage

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