Arizona Reverse Mortgages: Can You Buy A Home With A Reverse Mortgage?
Imagine for a second that you want to buy a home and someone tells you that there is a program available to you where you make no down payment and don’t have to make a monthly payment for as long as you live in your home.
You would think they are joking, right?
Well, if you live in Arizona and are over age 62, you might be eligible for what is quite possibly the greatest loan program ever invented – the FHA HECM for purchase program.
Just a few of the highlights of the FHA HECM for purchase program include:
- Possibly no down payment…
- No monthly payment…
- For as long as you live in your home.
This is all possible thanks to a new Arizona reverse mortgage program – which in mortgage-speak is also called the Arizona FHA HECM reverse mortgage for purchase program.
Arizona FHA Reverse Mortgage for Purchase Program
The Arizona FHA reverse mortgage for purchase program is brand new – it was implemented as of January 1 of this year. Before January 1, the FHA reverse mortgage program was for seniors who were living in their home – but for a number of reasons, FHA decided to expand the program to allow seniors to purchase a home using the Arizona FHA reverse mortgage for purchase program.
The Arizona FHA Reverse Mortgage Program May Change Soon
Currently, it is possible for seniors to purchase a home with an Arizona FHA reverse mortgage where they may not have to bring any money to close. How is this possible? Because the Arizona FHA reverse mortgage for purchase program uses a property’s appraised value and not the sales price to calculate how much money is needed.
So if you are able to find a property that someone is willing to sell for below the appraised value (hint: think bank-owned properties), you can possibly find a house where you will have to make no down payment.
Here is a handy FHA reverse mortgage for purchase program calculator and certainly you can call us with any questions!
Arizona mortgage rates for March 2 2009.
