Seniors – Consider a Reverse Mortgage for purchase

Fred Chamberlin — Thu, 26 Feb 2009 01:30:56 +0000

Are you aware that you can buy a home in Oregon, using the FHA Reverse Mortgage Program (HECM) if you are over 65 years of age? These Reverse Mortgage loans were authorized by the Housing and Economic Recovery Act of 2008 (HERA). HERA defines “HECM for Purchase” as a real estate purchase where title to the property is transferred to the HECM (Reverse Mortgage) mortgagor, which the mortgagor will occupy as a principal residence, and, at the time of closing, the HECM (Reverse Mortgage) first and second liens will be the only liens against the property.

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Seniors – Consider a Reverse Mortgage for purchase