Hello this is Regina with the Regina Drury Real Estate Group in Wilmington North Carolina and I just got back from a two hour meeting with a really great lender here in Wilmington North Carolina and she told me about a interesting loan program that I wasn't aware of. So many of us have heard about reverse mortgages right but did you know that there's a program called the reverse mortgage purchase program, yes reverse mortgage purchase program. Basically what that is it similar to reverse mortgage you know if you familiar verse mortgages when you're a certain age you can purchase a house and if you have equity you can get a monthly check every month for the equity that's in your home. You know of course they base it on what's your longevity and how long they expect you know that you'll be living in the house to do their equation.
Well this reverse mortgage purchase program, to do this program basically the way that it works is you are able to go and purchase the house let's say for example a $500,000 house and they do an equation based on the oldest. So if there's a couple let's say one person is 62 and the other one is 55 well they do an equation you have to be at least one of you have to be 62 and the equation is based on whoever is the youngest and their longevity so how long that they'll be living. And then they figure out what your down payment is gonna be so for example you might buy a $500,000 house and they might say okay for this program you only need $250,000. And so you buy the $500,000 house with $250,000 and then that's all that you need so there's no monthly payment done. So basically instead of you know being in your house and getting money out of your house you're able to purchase a house and only need a certain downpayment to be able to purchase the house and that's it no further payment. So it's a really cool program it's uh well it's not something I've ever heard of before. So I checked with a couple of lenders in town to see if it's something that they do and well they hadn't heard of it before so many have heard of reverse mortgage but they had not heard of reverse mortgage purchase program. So again just to summarize my first mortgage purchase program means that you can go find the house that you prefer to live in and you only need a certain down payment and then that's it you don't need any monthly payment there is no monthly payment on the house.
Now some people may have questions I had a question about what happens if one of the spouses was to pass away and they said used to be a long time ago that if somebody passed away then they could call the mortgage to do. But now if somebody passes away right there is no clause that that loan has to be paid right then, so as long as the other person that's in the house remains in the house that it's their personal residence. Then that loan is still intact meaning there's no monthly payment the reverse mortgage is still intact you don't need to sell the house yet until at some point that neither party is living in the house any further. So if you have any questions about that or if you want to know more information you know send me a message I'd love to you know put you in the right direction for lenders that work with this program. It's pretty awesome so imagine you know instead of having to downsize imagine if you could stay in a house that you're comfortable in you know a house that you're already comfortable in and not have to make any monthly payments I mean that's it's pretty cool. So again this is Regina with the Regina Drury Real Estate Group and I'm gonna check out right now but I'm gonna come back in about a minute. And I'm gonna talk to you about the Bank Statement Only Program that's the program where you can build a buy a house just based on the deposits in your account not based on your w-2 or your 1099s or anything so it's a really great program. I'm gonna bring you that in a minute again Regina with the Regina Drury Real Estate group if I can answer any questions reach out talk to you then.