In Previous Article on the Subject we discussed two options on how a buyer that can not document sufficient income may still get a loan to purchase a home to live in. First option is come up with 30% or more down payment, and continue with a smaller amount of loan, the downside is, borrower is still obligated to make monthly payments. Second option is come up with something in the neighborhood of 40% – 60% cash downpayment for HECM purchase loan, the challenge is, borrower has to be 62 years or older. Is there a possible compromise ? We have talked to a mortgage investor outfit that is offering mortgage product similar to reverse mortgage, but do not have the age requirement. The product is not available in California yet, as of March of 2021, but it may come soon, so stay tuned.
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