Hello All,
I am not sure if it helps those with investment properties but I thought I would let you guys know, a reverse mortgage can now be used to purchase homes (owner occupied only) by those 62yrs or older. If any of you have a scenario you would like for me to run for you email me and I will get calculations out to you asap.
Your potential buyer would be able to purchase their home with no mortgage payments. This is also great for owner financed properties if your wanting to get them paid off. There is no income or credit qualifying with a reverse mortgage. They can also be used for the purchase of mobile homes as long as they meet FHA guidelines. The purchase program is not available in Texas as of right now.
Anthony