Reverse for Purchase - How much down?

Based on the age of 67 years old, the maximum principle loan would be roughly $291,000 on the fixed standard HECM. Just remember that you need to deduct the HUD insurance and average closing costs from that figure which should net you approximately $278,000. This would leave you with a down payment of roughly $172,000 plus any closing costs that are not covered by the seller. Happy Home Shopping!

Hi there, a good rule of thumb for the reverse purchase is approx 40% down. So if your purchase is $450,000, then you will put down approximately $180,000 including closing costs and we will lend you the remaining amount. This will leave you with no mortgage payment for the rest of your lives. I am in Florida, but I work with one of the largest and most reputable Reverse Mortgage companies in the country, GENWORTH FINANCIAL. So I can assist you with the Reverse Mortgage in Texas if need be. Sincerely, Phil Stevenson phil.stevenson@genworth.com 786-586-3336

40% down... no payments ever... Use a LOCAL Mortgage broker experienced in reverse mortgages... WilliamAcres.com

A good rule of thumb is 40% down, but there are other factors that can play into the actual amount that can be advanced so make sure you are working with a Certified Reverse Mortgage Specialist. Also, make sure to check out your selected Mortgage Originator at the National Mortgage Licensing System at www.NMLSConsumerAccess.org ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com