Retirement Answers / Reverse Mortgages / Reverse Mortgage for Purchase / down payment
  • Question

  • down payment

    Asked on 11/27/2009

    Is there a certain percentage amount for the down payment on buying a home with a reverse mortgage? How can you figure it out?

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  • Categories: Reverse Mortgage for Purchase, Reverse Mortgages

Answers

  • NewRetirement User

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  • you should have roughly 40% as a down payment to qualify for the reverse mortgage - in some instances you will need a larger down payment upwards to 60% ( depending on your age, location, credit history and the lender you are working with )

  • Login to rate this answer:   Answered on 9/27/2011
  • Raymond Denton

    Raymond Denton
    Reverse Mortgage Specialist

    Santa Ana, CA
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  • Do a search for "purchase reverse mortgage calculator" in google and you'll find a calculator that'll provide an estimate. It'll be close, but the third party fees won't be correct. You'll need a Reverse Mortgage Loan Officer to provide you with a quote to receive an estimate with the proper fees.

  • Login to rate this answer:   Answered on 10/16/2011
**All above answers are provided as general information only. No warranty is made regarding the fitness or accuracy of the information provided in this answer. You should seek advice from a licensed CPA, attorney or CERTIFIED FINANCIAL PLANNER™ as to your unique financial situation.