How to Upsize Your Home with a Reverse Mortgage | FAR

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You may have considered the way a reverse mortgage could help you remain in your current home. Designed as a means for homeowners who are 62 and older to “age in place,” reverse mortgages are known for this key benefit. But did you also know that a reverse mortgage could help you purchase and move to a bigger, better home? You just might be able to buy your dream home in retirement with this little-known feature.

The Home Equity Conversion Mortgage (HECM) for Purchase is a specific type of reverse mortgage that enables borrowers to get a reverse mortgage and purchase a new home at the same time.

Say you live hundreds or thousands of miles away from your family and you’re looking to relocate to be closer. Why not use the home equity you have to upsize your home and make room for your family near and far? With this loan, you may also be able to purchase a home with new upgrades and appliances, or a floor plan that is more fitting for your lifestyle.

The qualifications are the same as in any reverse mortgage: borrowers need to be at least 62 years old and own their home outright, or have a substantial amount of home equity. As a borrower, you’ll also undergo a financial assessment and reverse mortgage counseling as part of the application process.

Many retirees have successfully used the reverse mortgage for purchase product to buy their dream homes and eliminate their mortgage payments. New construction homes are eligible, too, as long as they have been issued a Certificate of Occupancy, which typically happens when the home is near completion.

If you are interested in learning how you can purchase your dream home with a reverse mortgage, click here more information.

This article is intended for general informational and educational purposes only, and should not be construed as financial or tax advice. For more information about whether a reverse mortgage may be right for you, you should consult an independent financial advisor. For tax advice, please consult a tax professional.

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©2021 Finance of America Reverse LLC is licensed nationwide | Equal Housing Opportunity | NMLS ID # 2285 (www.nmlsconsumeraccess.org) | 8023 East 63rd Place, Suite 700 | Tulsa, OK 74133 | AZ Mortgage Banker License #0921300 | Licensed by the Department of Financial Protection and Innovation under the California Residential Mortgage Lending Act | Georgia Residential Mortgage Licensee #23647 | Kansas Licensed Mortgage Company | Massachusetts Lender/Broker License MC2285: Finance of America Reverse LLC | Licensed by the N.J. Department of Banking and Insurance | Licensed Mortgage Banker -- NYS Banking Department where Finance of America Reverse is known as FAReverse LLC in lieu of true name Finance of America Reverse LLC | Rhode Island Licensed Lender | Not all products and options are available in all states | Terms subject to change without notice | For licensing information go to: www.nmlsconsumeraccess.org When the loan is due and payable, some or all of the equity in the property that is the subject of the reverse mortgage no longer belongs to borrowers, who may need to sell the home or otherwise repay the loan with interest from other proceeds. The lender may charge an origination fee, mortgage insurance premium, closing costs and servicing fees (added to the balance of the loan). The balance of the loan grows over time and the lender charges interest on the balance. Borrowers are responsible for paying property taxes, homeowner’s insurance, maintenance, and related taxes (which may be substantial). We do not establish an escrow account for disbursements of these payments. A set-aside account can be set up to pay taxes and insurance and may be required in some cases. Borrowers must occupy home as their primary residence and pay for ongoing maintenance; otherwise the loan becomes due and payable. The loan also becomes due and payable (and the property may be subject to a tax lien, other encumbrance, or foreclosure) when the last borrower, or eligible non-borrowing surviving spouse, dies, sells the home, permanently moves out, defaults on taxes, insurance payments, or maintenance, or does not otherwise comply with the loan terms. Interest is not tax-deductible until the loan is partially or fully repaid.

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