Wednesday, July 21, 2021 / by Ken Couture
More TradeUp Buyers Use Reverse Mortgages to Finance Relocation
More and more home buyers are using reverse mortgages to buy their next home. A new study found that a quarter of 170 new home buyers surveyed would not buy a new home without using reverse mortgages for financing.
“This is an incredibly important insight, especially when you consider more and more baby boomers are moving into bigger homes rather than downsizing,” says Rob Cooper national sales leader at Reverse Mortgage Funding LLC
Most borrowers who use reverse mortgages to buy new homes say that they are therefore able to buy more expensive homes or properties in more desirable locations.
Reverse mortgages are for borrowers age 60 and older. The home they buy must be their primary residence. Buyers must also participate in mandatory loan inquiries to use these types of loans. There are risks in using reverse mortgages, and borrowers want to make sure they understand all the nuances and risks before taking out the mortgage.
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