Reverse Mortgage Home Purchase Scenario

“Use a reverse mortgage for purchase, really! How do you do that?” This is often the response when I talk to real estate professionals and potential clients. Purchasing a home with a reverse mortgage is not common place. It is mostly an unknown concept. There are a number of reasons why you would use a reverse mortgage to buy a home.

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Keeping Mom and Dad Safe at Home

Generally, elderly parents want to remain living in their own home. However, remaining in the home becomes a concern when children see their parents slowing down, perhaps even having trouble with handling stairs and doing general daily activities. Yet, with parents' mental and physical health currently not creating problems, there seems to be no imminent…

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Counsel for National Reverse Mortgage Association had this to say about reverse mortgage law making

According to James Milano, an attorney with the Washington, D.C. firm, Weiner Brodsky Sidman Kider, the urge to regulate may be reactionary. “State regulators may feel responsible for the subprime mortgage meltdown and don’t want to be fooled again,” he posited. Milano cites Washington State, California and Minnesota as having recently introduced bills and says…

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