If your current home no longer suits your needs — whether it’s too large, too far from family, or no longer ideal for aging in place — Reverse for Purchase could be the solution. It’s a little-known program designed specifically for seniors 62 and older, allowing you to buy a new home without monthly mortgage payments.
What is Reverse for Purchase?
Reverse for Purchase is a government-backed loan that lets you purchase a new home by combining the proceeds from the sale of your current home with a reverse mortgage. You won’t need to make monthly mortgage payments, and the loan is repaid when you sell or move out of the home. While the down payment is higher (60%-65% of the home price), it allows you to preserve more of your retirement savings.
Benefits of Reverse for Purchase
- No monthly mortgage payments: Stay financially flexible in retirement.
- Keep more retirement savings: Use your funds for other needs.
- Non-recourse loan: Never owe more than the home is worth.
- Purchase your dream home: Buy a home that’s better suited to your retirement needs
and lifestyle.
If you’re considering a move but want to preserve your savings, Reverse for Purchase could be the perfect fit. Contact to learn more about how this program can help you find your forever home in retirement. Rick Neal-Back 9 Reverse Mortgage 916-316-0805
