Reverse Mortgage – Purchase Another Home (Part 4)

Posted August 6th, 2010 by ameristar
in
Senior citizens who have pondered the possibility of a reverse mortgage now have a new benefit to consider; the purchase of a second home. The Federal Housing Administration (FHA) learned of statistics that showed the number of senior aged homeowners selling their large home and taking the proceeds to purchase a smaller home. Some of these individuals were able to make enough profit from the sale of their first home to put some money in savings while still being able to purchase the smaller home.