A Reverse Mortgage For Home Purchases

An innovative reverse mortgage feature for seniors who want to purchase a new home.

Fannie Mae has a reverse mortgage program available to homebuyers 62 and older that want to purchase a home without using all their personal resources to fund the purchase. A Home Keeper Reverse Mortgage gives a senior flexibility that is not available through standard first mortgage financing and offers an attractive no mortgage payment feature.

How it works:

Borrowers (62 or older) want to purchase a home that better fits his or her lifestyle (e.g., neighborhood closer to children/grandchildren, smaller yard, single story, less square footage, different room configuration, etc.)

The borrower has access to funds via savings, investments, sale of his or her current home, and/or doesn't want to make monthly mortgage payments, and/or doesn't want to tie up all of his or her personal funds in the purchase of a home.