PURCHASE REVERSE MORTGAGE PROGRAM
The purchase Reverse Mortgage Program is designed to allow seniors to purchase a new home without ever having to make monthly mortgage payments for as long as they live in the home. What this in effect means for the senior borrower is that they can purchase a home using a reverse mortgage instead of the traditional mortgage. So seniors who wanted to purchase a new home but who do not have good credit, a steady substantial income or were not comfortable with beginning to make monthly payments all over again at that period of their lives, can now easily do so with the already effective reverse mortgage purchase loan.
The required down payment is determined by the age of the borrower. The rule of thumb is the older the borrower, the lower the down payment. The qualifying guidelines on reverse mortgage are much more lax than the guidelines for forward mortgages. It is a fairly streamlined process; very similar to a NO-DOC mortgage.
For more information contact:
Millenium Home Mortgage
211 North Ave. East
Westfield NJ 07090
(908) 884 7443(Mobile)
(908) 233 3383 ext 5010(Office)
(908) 233 7036(Fax)