Question:

Can I buy a house with Fannie Mae’s HomeKeeper reverse mortgage?

Answer:

Yes. Fannie Mae's HomeKeeper reverse mortgage loan can be used for a new home purchase.

Buying a House with a HomeKeeper Reverse Mortgage

For example, if you are a senior willing to move to sunny Florida, and, say, you have already sold your house and have $80,000 from sale proceeds. However, your new Florida home costs $120,000 and even if you qualify for a regular mortgage financing you'll have to make monthly mortgage payments, which does not fascinate you much.

With the Fannie Mae's HomeKeeper reverse mortgage you can buy the Florida house almost right away - of course, you'll need to use the $80,000 spare cash you already have from the sale of your old house.

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