Reverse Mortgage Information

Ken Keranen, a branch manager for Seniors Reverse Mortgage , has launched a new site specifically catering to the needs of seniors who want to use the reverse mortgage home purchase program. Ken is a 16-year experienced professional in the reverse mortgage industry.

This site intends to reach seniors, realtors, and financial planners who want to know more about the HUD’s (Department of Housing and Urban Development) Reverse Mortgage for Home Purchase Program.

Upon entering the site, a senior who is aged above 62 is given a form to fill in with details like type of home, funds available for down payment, and estimated selling price. The information is then used to calculate how much money is required for making a down payment to purchase a new home of a certain value. The price of a home that the senior can purchase, when given a specific down payment, can also be calculated.

There is an “Example” link which allows the senior to see down payment estimates based on age and purchase price. For example, let’s assume a senior aged 65 wants to buy a home priced at $250,000. Then the down payment would be approximately $115,000. The balance can be financed. Closing costs may also be involved. No monthly repayments are required for the finance taken, as long as the senior continues to live in the same house.

The eligible properties are 1 to 4 unit single family homes, manufactured homes and condominiums.

By clicking on the “HUD” link in the website given, seniors can see the “Mortgagee Letter 2008-33″ from Brian D. Montgomery, Assistant Secretary for Housing, FHA, authorizing the HECM for Purchase Program. The site also has a comprehensive FAQ (frequently asked questions) covering all aspects of the said program.

The site features a short biography about Ken who works for the lender Seniors Reverse Mortgage. The other links available in the site link to the NRMLA, Better Business Bureau, HUD and Seniors Reverse Mortgage.