Arizona Reverse Mortgages: Can You Buy A Home With A Reverse Mortgage?

Posted by Justin McHood
February 27, 2009

If you live in Arizona and are over age 62, you might be eligible for what is quite possibly the greatest loan program ever invented – an Arizona Reverse Mortgage:

This is all possible thanks to a new Arizona reverse mortgage program – which in mortgage-speak is also called the Arizona FHA HECM reverse mortgage for purchase program.

Arizona FHA Reverse Mortgage for Purchase Program

The Arizona FHA reverse mortgage for purchase program is brand new – it was implemented as of January 1 of this year. Before January 1, the FHA reverse mortgage program was for seniors who were living in their home – but for a number of reasons, FHA decided to expand the program to allow seniors to purchase a home using the Arizona FHA reverse mortgage for purchase program.

The Arizona FHA Reverse Mortgage Program May Change Soon

Currently, it is possible for seniors to purchase a home with an Arizona FHA reverse mortgage where they may not have to bring any money to close. How is this possible? Because the Arizona FHA reverse mortgage for purchase program uses a property’s appraised value and not the sales price to calculate how much money is needed.

So if you are able to find a property that someone is willing to sell for below the appraised value (hint: think bank-owned properties), you can possibly find a house where you will have to make no down payment.

Here is a handy FHA reverse mortgage for purchase program calculator.

Will FHA change the criteria for the Arizona FHA reverse mortgage for purchase program? No one knows for sure – so if you are interested in this program, act fast!

FHA Mortgage

If you enjoyed this post, please consider subscribing to our FHA Mortgage Loan Blog feed and get future articles delivered to your feed reader. You can also share this article using the 'Share This' tool below.

Comments

No comments yet.

Sorry, the comment form is closed at this time.