Ibis Reverse Mortgage Analyst

With a home purchase, the HECM must be the only lien against your new home, you must occupy the home within 60 days from the closing date, it must be your principal residence, any construction must be completed (an occupancy certificate must be issued), co-ops and some manufactured homes are ineligible, and there must be no home flipping.

Proceeds from the HECM will be based on the lesser of the sales price or the appraised value of the home you are purchasing. And importantly, between the HECM proceeds and your own funds, enough money must be available to purchase the new home outright.

	Allowable funding sources		Sources not allowed

	Proceeds from a HECM reverse mortgage		Bridge loans
	Your savings		Cash withdrawn from credit cards
	Any funds from the sale of an existing home		Subordinate liens
	Lenders must verify the source of all funds		Seller Financing

To find the amount of funds you will need, answer these questions:

Enter information about the home you are purchasing

What is the sales price of your new home?

Type in the total expected purchase price.

If appraised value is the same, click the Same button.

What is the appraised value of your new home?

HECM proceeds depend on the lower of the appraised value or the sales price.

Your new home's ZIP code? Enter 5 digits, not ZIP+4

Before proceeding, click the 'Find It' button >>

	State:	Florida
	County:	Broward


Next enter your birth date(s)

	Month	Day	Year
When were you born?
For example: type 5 for May.
	Month	Day	Year
When was your spouse or co-owner born?
Leave blank if you will be the only owner.

Fields below are optional -- you can skip them and just click Calculate

Will you be selling your current home before your home purchase?

Expected selling price of your current home

Expenses on the sale of your current home

Our default is 7.0% like used in HECM disclosures. You can change it.

Mortgage and lien payoffs on your current home?


After making your entries, click

The information being provided is an ESTIMATE ONLY. Interest rates and principal limits change weekly. This is not an offer, an application or a commitment to make a reverse mortgage to you. In order to be considered and qualified for a reverse mortgage, you must submit a completed reverse mortgage loan application.

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