by Admin
2. September 2009 10:37
As Seniors Real Estate Specialists, we try to stay on top of the latest news regarding your real estate.
As of January 1st, HUD will allow a reverse mortgage to be used as a means to purchase a home. The qualifications are similar to a conventional reverse mortgage in some ways (must be the primary residence, must be over 62, for instance) but also has some differences. For more information you can read HUD Mortgagee Letter 2008-33 or go to their website http://www.hud.gov/offices/hsg/sfh/hecm/faqs_hecm.cfm.
If you are using a portion of their equity from selling your existing home and looking to purchase a new one a HECM for Purchase is ideal.
To find all the Active Adult Communities around the Triangle area of North Carolina including Raleigh and Cary, check out our Active Adult Communities eBook.