Using a Reverse Mortgage to Purchase a Home
3.5 Clock Hours
Instructor: Michael J. Myers
Instructor: Ed Frankel
Home Equity Conversion Mortgage (HECM) loans are offered to seniors who need to tap into their equity to cover living expenses. HECM loans can also be used to purchase a home. A purchase reverse mortgage is a non-recourse loan that enables senior homebuyers age 62 and older to purchase a home and make no monthly principal and interest payments for as long as they live in the home.
In this course we will learn the following and more:
- Know which borrowers are eligible for a reverse mortgage purchase.
- Know what types of property are eligible for a reverse mortgage purchase
- The most frequently asked questions about using a reverse mortgage for purchase
- How reverse mortgage purchase borrowers are qualified
- The reverse mortgage purchase timeline
- How to market reverse mortgage for purchase transactions
- Red flags: Local reverse mortgage fraud cases