Reverse Mortgages Allow Realtors to Earn Two Commissions

A reverse mortgage is a type of loan that allows homeowners who are at least 62 years old to turn home equity into cash and never make a monthly mortgage payment. This FHA insured product is also known as a Home Equity Conversion Mortgage or HECM. This type of reverse mortgage loan can also be used to purchase a home. A HECM for purchase allows buyers to combine reverse mortgage proceeds with other assets to purchase a new home. Astute Realtors have been helping seniors sell their current homes and downsize to a property more conducive to their retirement lifestyle.  This may include moving to a senior housing community, buying a home with modern amenities or merely moving closer to family and friends. This type of purchase has been increasing in popularity since the stimulus plan increased the reverse mortgage limit to $625,000.00. There is great satisfaction in assisting seniors in these back to back transactions.

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