Senior Reverse Mortgage

You are referring to a senior citizen reverse mortgage for home purchase, offered by Fannie Mae. The residence to be purchased must be intended as your principal residence, not as a secondary or vacation home.

This special reverse mortgage program is ideal for seniors who want to "downsize" by selling their large home and using the cash proceeds to buy a smaller home and not have any mortgage payments.

Exact numbers will vary depending on the purchase price of the home, and the buyer's ages, but a very general rule is a cash-down payment of 50 percent or more will be needed.

However, that's a very good deal for senior citizen buyers who then won't have any monthly mortgage payments. You can find Fannie Mae reverse mortgage originators at www.reversemortgage.org. More reverse mortgage details are available in my special report, "The Whole Truth About Reverse Mortgages for Senior Citizen Homeowners," available for $5 from Robert Bruss, 251 Park Road, Burlingame, CA 94010 or by credit card at 1-800-736-1736 or instant Internet delivery at www.BobBruss.com. Questions for this column are welcome at either address.

Call 1-888-973-8377 for a free counseling session to answer all of your reverse mortgage questions.