With more than 10,000 people retiring every day in America, many of these individuals are looking to right-size their homes for retirement. Whether it’s to find a home with no stairs, a more suitable place for aging, or to be closer to family members. It can be a major challenge finding the right financing. The FHA approved the reverse mortgage to purchase program in 2010, and it has been a hit in the Nashville real estate markets. This program allows the homeowner to utilize the proceeds from the sale of their home to purchase a home more suited for their new retired life. If you are looking for reverse mortgages in Mount Juliet, we are here to help!
Frequently Asked Questions on Reverse Mortgage to Purchase Program
What Requirements Must the New Home Meet?
- Must become the borrower’s primary residence.
- Must be occupied by the borrower within 60 days of the closing date.
- Construction must be complete, the property habitable, and a certificate of occupancy must be issued where applicable.
Which Home is the Reverse Mortgage loan for?
- The reverse mortgage loan will be for the new home. If the cash required to close comes from the sale of the departure home, that sale is a transaction separate from the reverse for purchase transaction.
What are the Borrower Responsibilities?
- The borrower must continue to live in the home.
- Keeping up with taxes and property insurance payments.
- Maintaining the property according to FHA standards.
What Property Types are Eligible?
- Single family
- HUD-approved condos
- Planned unit developments (PUDs)
- Two-to-four-unit properties (one unit must be occupied by the borrower)
Contact Us Today
If you’re looking for a company to help you with a reverse mortgage in Mount Juliet, we are here to help. Our professionals have all the knowledge and experience to walk you through each step to make the process as simple as possible. A reverse mortgage may be the solution you have been searching for to solve your financial needs. Give us a call today!
To explore your reverse mortgage options, call Mortgage South at (615) 657-5878.