Would you like to move to a smaller home or a home that is more suited to your changing needs? Would you like to be closer to friends and family? Would you like a newer home with lower maintenance or a home in a different neighborhood or one with lower taxes?
Before we had the option of being able to do a reverse mortgage for purchase, a senior’s options were often limited to either not moving at all or to perhaps selling the family home and moving into an apartment and not being a homeowner at all.
However, if homeownership is the lifestyle choice you prefer, consider a reverse mortgage for purchase. It works much the same way as does a regular reverse mortgage.
In order to determine how much we can lend you with a reverse mortgage for purchase, we do a calculation based on the age of the youngest borrower, current interest rates, and the cost of the new home. We will be able to lend you at least 50% of the cost of the new home – more if you are older than 62. You will have to come to settlement with the difference between what we can lend you and the purchase price of your new home. This sizable down payment usually comes from the sale of the current home. However, if you have other funds to use to use for the down payment, then your current home does not have to be sold. Additional qualifications will apply in this case.
If you will be selling your home, and if you don’t need all of the proceeds from the sale of this home in order to purchase the new home with the reverse mortgage, you can “pocket” those proceeds and turn that money into savings or investments.
Some credit underwriting does apply to this product. The new home must be owner-occupied. Generally, only a single family residence is allowed. No Investment properties or 2nd homes allowed. Condos must be approved by FHA.
Remember – with a reverse mortgage, there is never a monthly mortgage payment.
The borrower is always responsible for paying real estate taxes and homeowner’s insurance.
Call us to discuss your particular situation or for a FREE quote. Or have your realtor call us.
Patrick Mallon
Federated Lending has great customer…
Federated Lending has great customer service, a very knowledgeable staff, and made re-financing an effortless experience.
Jacob Desperak
Wonderful and easy experience!
My wife and I had a very good experience with Fedlend thanks to Andy and Kathy. We couldn’t be more thankful for all the help and guidance we received along the way. Would definitely recommend to all home buyers, as we will use Fedlend for our next purchase or refinance.
Bart Cerami
Andrew Larson and Federated Lending made refinancing my home simple, and saved me a lot of money in the process. And Andy continued to assist me after the closing when I had a question regarding my local tax payment. I have already recommended him to several of my friends and will continue to do so. Thanks Andy!!
Elaine Punchello
I've trusted Federated Lending multiple…
I've trusted Federated Lending multiple times for my home mortgages. They make what can be a difficult process easy to get through. I've never had a delay in a settlement because of my mortgage, which is a frequent issue with other lenders. I'll continue to use them and recommend them. Thanks!
Shawn Cannon
Second time working with Vince
Second time working with Vince. Have had nothing but great experiences. Highly recommend!!
Mike Pawlikowski
Federated Lending comes through again
Federated Lending comes through again. Tom K. and Federated Lending team helped me through the process of getting my original mortgage and now again with the refinance. They made the process very easy and I am extremely happy with the end result. I would strongly recommend if your looking for a mortgage or refinance that you reach out to the Federated Lending Team.
Jorge Figueroa
Federated Lending Is Fantastic and Honest
This was such an easy transaction. What is probably the most stressful thing to do Andy and his Team made this absolutely seamless. Everything was done perfectly and right on time. Zero issues at the closing table and it all went exactly as it was explained. I was prepared for so many things to be a push up and there was none of it. NONE! I cannot say enough ...
Megan Detwiler
We were happy with our experience. Initially there was a step missed that caused a slight delay, but we couldn’t be upset because it ended up getting us a lower rate overall. We were able to sign the documents in the comfort of our own home which was super convenient and appreciated. Would recommend!
Kristen Katzianer
Easy process from start to finish
Easy process from start to finish. The underwriter should make more money.
Katie Novak
Federated Lending was a great mortgage…
Federated Lending was a great mortgage company to work with! We were able to ask questions and get immediate answers.
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These materials are not from HUD or FHA and were not approved by HUD or a government agency.
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