From NAR
Qualified older Americans may be able to use a reverse mortgage not just to stay in their current home but also to buy a new home.
Buyers, who must be at least 62, must demonstrate they have the in-come to pay real estate taxes and the cost of homeowner insurance and can afford to maintain their home, whether a single-family home or a condo.
Those who might benefit most are homeowners who want to access capital without affecting their budget or savings, because borrowers have no required principal or interest payments for as long as they are living in the property. A reverse mortgage could also benefit those who might outlive their retirement savings.
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