Red Letter Mortgage -- Reverse Mortgage

Home Keeper for Home Purchase
Home Keeper ^® for Home Purchase is an innovative reverse mortgage for homebuyers age 62 and older that provides borrowers with flexibilities not available through standard first mortgage financing. With its attractive no mortgage payment feature, this option is sure to become a popular financial management tool for the rapidly growing senior population.
How It Works
Borrowers (62 or older) wants to purchase a home that better fits his or her lifestyle (e.g., neighborhood closer to children/grandchildren, smaller yard, single story, less square footage, different room configuration, etc.) - Borrower has access to funds via savings, investments, sale of his or her current home. - Borrower doesn't want to make monthly mortgage payments. - Borrower doesn't want to tie up all of his or her personal funds in the purchase of a home. Reverse mortgage very often provides solution for home equity conversion. Senior persons especially get benefited from this. We at Mortgagefit provide more information on reverse mortgage at our page on Reverse mortgage	Home Keeper for Home Purchase becomes an option. - Borrower completes Home Keeper consumer education requirements and receives certificate. - Senior identifies new property so that reverse mortgage amount can be determined. (Amount the borrower receives depends on age, number of borrowers, and the appraised property value.) Borrower determines combination of personal funds and reverse mortgage funds that will be used to purchase the home. - Borrower negotiates purchase of home and has home inspected. - Borrower applies for loan, completes origination process with lender (includes appraisal and property inspection), determines payout of Home Keeper funds, signs Home Keeper mortgage note, and receives deed to new property. - Payout will be a line of credit with a lump sum draw at closing for use as purchase funds. Any remaining funds can be retained in the line of credit and/or received as monthly payments for as long as the borrower resides in the property.