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    "Reverse Mortgage Originator: Scott O'Connell" Call: (209) 434-8333 or (775) 204-3390
    NMLS 250080

    It takes money to maintain a long, comfortable and financially secure retirement. But you don’t need to count your penny’s and sacrifice the lifestyle you want. The solution is right under your roof! Give us a call and we will educate you on reverse mortgages. With a good understanding, you can make good decisions.

    HECM for Purchase Guidelines

    Information you Need to Know for a Successful Reverse Purchase Transaction

    Realtors | Purchase FAQs | Purchase Guidelines

    Request a copy of HECM for Purchase guidelines

    Reverse Mortgage Purchase Calculator – Find out your downpayment!

    Important Note: If you are serious about purchasing a home using a reverse mortgage in California or Nevada, it’s important to contact Maggie as reverse mortgage calculators are rough estimates and purchase closing costs vary substantially. You may also need a prequalification or pre approval letter which takes a complete analysis of your unique financial status.

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    reverse mortgage purchase updated January 1, 2022

    Reverse Purchase Mortgage is a highly successful program and provides a wonderful opportunity to people who are 62 years or older to move to a home more suitable for aging. Perhaps living closer to family members and services or a single level home or an active adult community will be the best choice! The purchase reverse mortgage option allows you to minimize your cash requirement (and keep more money in your retirement savings), get more home for your money and have no mortgage payments to make. Why take money from taxable retirement income when you can get down payment money from the reverse mortgage and not have to pay income taxes on it? Keep your money in your investments and let it continue to grow and maximize your funds.

    How does the reverse mortgage purchase program work?

    The money sources for your new home purchase comes from your down payment (money you have in investments or bank accounts, or from the proceeds of the sale of your residence) and funds from the reverse mortgage. The reverse mortgage agreement is that you pay the bank or lender back after you leave your home permanently. Therefore there are no monthly payments during the time you occupy your home. Based on age of the youngest borrower, the current expected interest rate and purchase price of your new home, we calculate your down payment.
    Find out your down payment requirement by calling Maggie O’Connell directly at 775-770-0870

    You can live in your home as long as you like.

    There are no payments required until the last homeowner leaves the home permanently. See How a Reverse Mortgage Works

    You must occupy your new home within sixty days of closing!

    It is very important you understand that when you purchase a home using a reverse mortgage, it must by your primary residence. People are tempted to try to get a reverse mortgage and later turn it in to investment property, but DON’T! This is an owner occupied mortgage and at the point the owners move out, the loan will become due. If you decided to move and have renters or family members occupy your home the reverse mortgage balance must be paid off.

    Reverse Mortgage Purchase Transactions Are Different!

    Before you make an offer, you must understand the reverse mortgage purchase requirements.

    Your Real Estate Agent needs to be aware of what is included in the original offer to purchase.

    Documents are date sensitive so you must do it right from the start!

    There are additional forms needed when making an offer using a reverse mortgage as financing. Make sure you have the proper forms in your offer package. Part of my job is to analyze the details of your proposed transaction before making an offer.
    I will take on the role of pre-underwriter and determine early if your proposed transaction is likely to be approved or not for the reverse mortgage purchase program. You, your agents, the people trying to sell their home all rely on a proper determination of approval from the beginning. Critical time and money can be wasted with a hasty upfront evaluation. So if you are an agent or a homeowner, take responsibility right now to learn how to create a successful purchase transaction and have the wonderful benefits of not making mortgage payments on your new home.

    It’s important to understand the guidelines for the HECM for Purchase Program.
    If you would like to have a copy of the reverse mortgage purchase guidelines and additional forms that are required to be included with your purchase offer, call Maggie.
    Points to be aware of:

    • There are no seller concessions or down payment assistance allowed. PLEASE! LET ME REVIEW THE PURCHASE OFFER PRIOR TO PRESENTING TO SELLER! Jumbo reverse mortgages allow seller concessions and sharing costs between buyer and seller
    • Reverse Mortgage Counseling must be completed prior to opening escrow or submitting an application!
    • The seller must agree to complete required repairs prior to closing and included in contract.


    Get a new home with a reverse mortgage