The National Reverse Mortgage Lenders Association has introduced a new purchase resource for reverse mortgages. The resource's main audience happens to be real estate agents, with the intention of bringing awareness to of HECM for purchase transactions.
"The National Reverse Mortgage Lenders Association unveiled 'Using a Reverse Mortgage to Buy a Home,' a 'toolkit' with information about the Home Equity Conversion Mortgage for Purchase program, last week," according to Reverse Mortgage Daily.
"The 10-page digital pamphlet provides basic information about how potential borrowers can qualify to use a HECM to buy a new home, as well as which types of properties are eligible."
With HECMs becoming a more popular option, the National Reverse Mortgage Lenders Association is taking it upon themselves to be another voice of education for reverse mortgages.
To learn more about the pamphlet, click on the image above.