How to Purchase a Home with a Reverse Mortgage?

You may have heard about reverse mortages for senior homebuyers, age 62 or older, who have lived in a home for some time and built up considerable equity, but now Wells Fargo has a Reverse Mortgage program that allows seniors to purchase a primary residence with a reverse mortgage without having monthly mortgage payments

The purchase program is designed to help seniors purchase a home that is suitable for their needs. If your current housing no longer meets your needs, a HECM for Purchase reverse mortgage may give you access to additional funds, and may help you remain financially and physically independent in a new home.

Stay in Your Home with Peace of Mind

• There are no income, employment or credit qualifying restrictions.¹
• Maximum loan amount is based on age, current interest rates, and the location and value of the home.
• You do not need to repay the loan as long as you or one of the borrowers continue to live in the house, keep the taxes current and maintain the property to FHA standards.

If this sounds interesting to you I can put you in touch with a Wells Fargo reverse mortgage consultant who will explain more details, including the limited events that trigger payment.

Rick Bonetti | Alain Pinel Realtors | 408-857-8800 | DRE#01237009

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