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Griffin Financial Mortgage, LLC, a broker based out of Fort Worth, Texas, has launched the Reverse Mortgage Purchase Program enabling seniors to purchase a home. Griffin Financial Mortgage has a lending wingspan of 27 states.
The HECM for Purchase was designed for seniors over 62 to purchase a new principle residence using the proceeds from a simultaneous reverse mortgage. The program eliminates the need for a second closing and gives seniors a chance to move, to be closer to their families, or to find a house that has the amenities that better suits their needs.
Seniors purchasing a home through Griffin Financial Mortgage Purchase program may only use their own money or money obtained from the sale of assets. Gifts are not an acceptable source of funding. The FHA prohibits the use of loan discount points, interest rate buy downs, closing cost assistance, builder incentives, gifts or personal property given by the seller or any other party. Funds from a savings or retirement account is an appropriate funding source for gap financing of the equity portion.
Not every property is eligible for the Purchase program. Properties that are eligible include up to four unit properties still under construction, yet habitable. On property that is under construction and not yet habitable, the purchase is only eligible once the Certificate of Occupancy or its equivalent has been issued. Ineligible properties include Cooperative units; newly constructed residence where a Certificate of Occupancy or its equivalent has not been issued by the appropriate local authority; boarding houses; bed and breakfast establishments; existing manufactured homes built before June 15, 1976; and existing manufactured homes built after June 15, 1976 that fail to conform to the Manufactured Home Construction Safety Standards, and/or lack a permanent foundation as required in HUD’s Permanent Foundations for Manufactured Housing Guide.
The HECM mortgagor and seller should agree to a date for physical occupancy of the property and the lender should confirm occupancy prior to their submission of the case binder to the local HOC for endorsement.
The FHA suggests that first-time homebuyers meet with a reverse mortgage counselor that can educate them, before purchase, on the responsibilities of becoming a homeowner. Prior to signing a sales contract, a home inspection of all properties as collateral for HECM for purchase transactions is encouraged. The inspection serves to determine the magnitude of repairs or rehabilitation on the home and also helps the buyer negotiate the purchase price if there are any repairs necessary.
For more information please visit Reverse Mortgage Purchase
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