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Buy An Adult Community Home and
Never Make a Mortgage Payment Again!

Reverse Purchase Home Mortgage Highlights:

  • All Borrowers Must be 62 Years of Age, or Older
  • Must occupy the home as your principle resident
  • No credit, income or health requirements to qualify
  • Social Security or Medicare benefits are not affected
  • You keep the title and may sell your home at any time
  • Make no mortgage payments as long as you reside in the home

Starting January 1, 2009, FHA will begin to insure reverse mortgage loans for purchases. What does this mean? Senior borrowers age 62 and over can now purchase a home using a reverse mortgage rather than a traditional forward mortgage. This is great news to seniors who have had a desire to purchase a new home but felt they could not either due to their credit, their income, they did not want to have to start making payments again at this stage in their lives or a myriad of other reasons.

What does this really mean for senior borrowers? We have heard many senior borrowers who loved their homes and never wanted to leave it. We have heard from almost as many who told us that they found their existing home just did not suit their needs any longer but they could not see any way of moving to a new home so they felt that they either had to remain in the home with which they no longer felt comfortable or their only other option was to sell it and rent an apartment somewhere and that option just was not very appealing to them.

The purchase reverse mortgage program allows borrowers to purchase a new home, they do not have to pay for the entire home with cash and they never have to make a mortgage payment for as long as they live in the property. There is no income or credit qualification (other than HUD's requirement that  the borrower's must be able to maintain their home and pay the taxes and insurance and cannot be delinquent on federal obligations or currently in bankruptcy) and the Home Equity Conversion Mortgage (HECM or "HECK-um") for purchase can be used with all the same property types that the refinance HECM programs currently accommodate.

One thing that HUD did for seniors that will really help them in this market is that they are determining the down payment requirements solely on the appraised value, rather than the normal FHA method of the appraised value or the sales price, whichever is less. This may not sound like much of a concession at first, but stop and think about a property which must be sold quickly in this market which still appraises for a higher value.

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How Much Do You Know About Retirement?

These questions refer directly to the fifteen factors of retirement success and great variability exists from person to person. Knowledge about retirement is often skimpy and many times imprecise. This questionnaire may raise your awareness of areas you need to pay special attention to in your retirement planning

Directions: Decide whether you believe the statements below are more true or more false.
Mark the false statements with an F, and the true statements with a T.

1. Most workers slow down and become less productive the closer they get to retirement.
2. Generally the closer people get to their retirement the more apt they are to resist it.
3. People who direct their lives themselves do better in retirement than those who let others make their decisions for them.
4. People who are healthy when they retire generally continue in good health well into their retirement years.
5. The average income of retirees has declined in the last decade due to high rates of inflation.
6. If you're happy now before you retire, chances are you'll be happy when you do retire.
7. About half the people in retirement report being chronically depressed, lonely, and/or sad.
8. Men find a more difficult emotional adjustment into retirement than do women.
9. The most personally satisfied retirees are those who have hobbies, activities, "causes", or active leisure pursuits.
10. People who are opinionated and somewhat rigid in their thinking do better in retirement because they know what they want.
11. People who reminisce a lot tend not to do well in retirement.
12. When a person has others who are dependent upon him/her either financially or emotionally, they tend to retire earlier rather than later.
13. A happy marriage/special relationship equals a successful retirement.
14. Most people retire because they feel themselves getting old.
15. One of the best ways to genuinely enjoy your retirement is to find suitable replacements for what your job formerly gave you in the way of satisfactions.


1) F 2) F 3) T 4) T
5) F 6) T 7) F 8) F
9) T 10) F 11) F 12) F
13) T 14) F 15) T

© 2001 Richard P. Johnson, Ph.D.

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