Reverse Mortgage for Purchase – New Florida Mortgage

Reverse Mortgage Advisors (RMA) Florida. Loan officers are located throughout the state of Florida to meet the growing needs of its seniors. RMA specializes in all types of reverse mortgages.

The “forward” lender to date has launched a new reverse mortgage division and has plans to expand into eight states, including Texas, Alabama, Tennessee, Florida. Hicks says the reverse mortgage.

Burns decided to address the topic after seeing an advertisement for the reverse mortgage for purchase product, he writes. To find out more, he met with a Tampa, Florida-based originator from.

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Mario Quintero, a mortgage loan originator with Strock & Tanner Mortgage Corporation, which serves Florida. seek reverse mortgages to have access to disposable liquid cash, while others are using a.

The reverse mortgage purchase program was designed to allow those over age 62 to purchase a new principal residence and obtain a reverse mortgage within a single transaction by eliminating the need for a second closing and the resulting extra costs.

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Premier Reverse Mortgage covers the entire state, so it doesn’t matter if you are located in Pensacola or Key West, we can help you! The process of obtaining a reverse mortgage in Florida is very similar to other states HUD/FHA reverse mortgages are national products. But, there are some differences in Florida’s reverse mortgage requirements that we will point out below.

Subtract the amount of money the reverse mortgage can provide from the purchase price to determine how much money must be brought in as a down payment. For example, if the purchase price is $300,000 and the reverse mortgage can provide $180,000, the purchaser must provide a down payment of $120,000 to purchase the house with a reverse mortgage.

 · Why can’t a reverse-mortgage foreclosed house be sold for less than appraised value? Find answers to this and many other questions on Trulia Voices, a community for you to find and share local information. Get answers, and share your insights and experience.

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With the HECM for Purchase program, instead of getting the reverse mortgage on your current home, you would inform your reverse mortgage lender that you wish to buy a new home using the reverse mortgage. The lender will then calculate the amount of money you qualify to receive as though you already owned the property.

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