Borrowers can use the HECM for the Purchase program on a new primary residence and retain their existing home as rental property.   This enables a purchaser who is at least 62 years old and has substantial assets (such as from the sale of a previous home), but income that might, otherwise, be insufficient for a home purchase, to buy a house and have no mortgage payment for life.

Use this reverse mortgage option to purchase in Leisure World in Silver Spring and other retirement communities.

Jefferson Retirement Community in Arlington

The Regency at Leisure World | Silver Spring

Leisure World | Leesburg, VA

Residences at Thomas Circle | Washington, D.C.

BJ Matson, 240-281-6732
Montgomery County Realtor®
choicerealestate.net contributing writer

This entry was posted on Friday, July 10th, 2009 at 12:37 pm and is filed under 3) General. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.