- 1). Determine the purchase price of the home from the seller or real estate agent.
- 2). Contact a reverse mortgage specialist and provide the specialist with the youngest purchaser's date of birth and the purchase price.
- 3). Ask the reverse mortgage specialist to calculate how much of the home's value can be accessed with a reverse mortgage. The reverse mortgage specialist will have a specialized calculator to make this determination.
- 4). Subtract the amount of money the reverse mortgage can provide from the purchase price to determine how much money must be brought in as a down payment. For example, if the purchase price is $300,000 and the reverse mortgage can provide $180,000, the purchaser must provide a down payment of $120,000 to purchase the house with a reverse mortgage.
- 5). Deposit the down payment into escrow.
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