A person signing up for a reverse mortgage is also able to live in the home mortgage free until they die. Now that her grandmother has died Ezernack is also able to buy the home, “You are allowed to.
A reverse mortgage is a way for a homeowner 62 or older to use her house to raise extra money. The owner takes out a cash loan secured by the value of her house and doesn’t have to pay the loan.
Using a Reverse Mortgage to Purchase a Property. Reverse mortgages have commonly been used to strategically help retirees stay in their homes as they age and to improve their cash flow. The home equity conversion mortgage for Purchase provides the borrower with a fixed-rate, lump sum loan that is applied to the purchase of a home.
About the Author: The above Real Estate information on the how to sell a home with a reverse mortgage was provided by Bill Gassett, a Nationally recognized leader in his field. Bill can be reached via email at [email protected] or by phone at 508-625-0191. Bill has helped people move in and out of many Metrowest towns for the last 29+ Years.