The advantages of a Reverse Mortgage for Purchase are that there are limited income and credit qualifications, no monthly mortgage payments and no repayment of the loan till the last borrower leaves the home. Because of the limited credit and income requirements, seniors will qualify easily! The most common Reverse Mortgage for Purchase is a senior buying a retirement home or a home closer to children using some of the equity from the sale of an exiting home but that’s not the only opportunity. See scenario’s in this section. The potential is huge, $20 Million senior homeowners and growing with boomers entering the market every day with trillions in home equity. Current FHA lending limit for Reverse Mortgages is $625,500. Primary residence only! Realtors should pay attention to the new opportunity to add 1 – 3 new home sales a year!
