Shirley Amick Robertson
Cell: (208) 866-6300
Shirley's Website
Alan Smith CSP
Cell: 208.473.0343 | FAX: 208.377.8999

Buy With A Reverse-Purchase Mortgage


How would you like to be able to buy twice the house for half the price, and have no mortgage payments?


                           Here’s how:  With a Reverse Purchase Mortgage.


You pay cash for half the purchase price, the reverse mortgage covers the remainder.

The only requirement is that you must be at least 62.  The note is not due until the death of the surviving partner.

Right off, let’s get the myths of reverse mortgages out of the way

·         The bank owns the home:  No.  The owner is still on title to the property

·         Cannot lend to a trust:  Incorrect.  Most trusts are eligible.

·         Can out live the loan: No.  The note is due on the borrowers 150th birthday!

·         Proceeds are taxable:  No

·         Affects social security or Medicare:  No.

·         Borrowers can be forced from home:  No.  Providing, taxes and insurance are kept current.

·         Debt passes on to heirs:  No.  RMs are non-recourse loans.  Heirs sell the house and clear the lien.  If the house value is short, there is no recourse.


A reverse mortgage loan is an FHA program.  Provided, overseen, and protected by the government.

A scenario goes like this:  A couple sells their house to buy a retirement home near their kids . . . or in their favorite vacation spot.  Their cash down payment on the new house is 50% of the sales price.  The reverse mortgage covers the remainder.  There are no monthly payments on the loan, and the note is not due until the death of the remaining partner. 

 Knowing only this much, you can probably begin to imagine other financial strategies utilizing a reverse purchase mortgage.  That’s only the beginning.  We can tell you more.  Ask us.



Alan Smith CSP
Licensed in: ID

Toll Free: 800.567.8126
Fax: 208.377.8999

Re/Max Elite Properties
10062 W. Fairview Ave.
Boise, ID 83704

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