Yes, Buy a Home with No Monthly Payments with a Reverse Mortgage

01.06.11 12:01 AM By Paul Cantor

Yes seniors may purchase a home and have no monthly mortgage payment.  This is possible with a reverse mortgage (also known as a Home Equity Conversation Mortgage (HECM)) Here is an example for a 69 year old buying a home.  

Purchase Price = 200,000

Amount of FHA reverse mortgage  =  $132,600

Funds needed a closing = $68,000

Monthly Mortgage Payment =   $0.00

  Assumes the seller will pay all closing costs on a fixed rate reverse mortgage. For more information on a reverse mortgage call (804) 433-1510 or click here.