Never have to make monthly mortgage payments unless they want to
Real Estate Professionals
Help Retirees Maximize Their Purchasing Power
With your help and the Kanyur Reverse Team, retirees can increase their homebuying power up to 200% — without having to pay monthly mortgage payments. Instead, they simply have to cover property charges like taxes, insurance and upkeep.
How It Works
Many retirees would like to move, but some are still making mortgage payments, and others are fixed owning their home outright.
With a reverse mortgage loan for purchase (also called HECM for purchase loan), your client sells their existing home. They then take out a reverse mortgage on the homes they wish to purchase and combine that with the proceeds of their home sale to cover the down payment (along with additional funds if necessary).
Hear From a Real H4P Client
Estimated Cash From Borrower*
Age of Youngest Borrower
Faded portion of bar represents the estimated Reverse Mortgage funds.
This information is provided as a guideline and does not reflect the final outcome for any particular homebuyer or property. The actual Reverse Mortgage available funds are based on current interest rates, current charges associated with loan, borrower date of birth (or non-borrowing spouse, if applicable), the property sales price and standard closing cost. Interest rates and loan fees are subject to change without notice. Following the closing of the home purchase, no further principal or interest payments will be required as long as one borrower occupies the home as their primary residence and adheres to all HUD guidelines of loan. Borrower must remain current on property taxes, homeowner’s insurance (and homeowner association dues, if applicable), and home must be maintained.
Then What Happens?
Your client enjoys the same terms for any home with a reverse mortgage loan:
Who’s a Great Fit for a Reverse for Purchase Loan?
Folks who want to retire in a bigger, nicer home than they could otherwise purchase.
Folks who want to move to a more expensive area than they currently live in.
Folks who want to move to an equivalent home, but want significant cash-flow afterward.
Folks who still have monthly mortgage payments that they want to end ASAP.
View Qualifying Conditions
- One spouse must be 62 or older to be eligible for a reverse mortgage. In Texas, both spouses must be 62 or older
- The property must be a single-family home, a 2 to a 4-unit dwelling or an FHA-approved condo
- Must receive reverse mortgage counseling from a HUD-approved counseling agency
- The home must be a primary residence (live there 6+ months per year)
- Must meet minimal credit and property requirements
- Must not be delinquent on any federal debt
Frequently Asked Questions About…
Reverse Mortgages for Purchase
When a home is purchased with a reverse mortgage, will the loan be held on the existing home or the newly purchased home?
The reverse mortgage will be held on the newly purchased home as the primary residence. The down payment needed at closing is usually between 30%-70%.
Why is the down payment higher with a reverse mortgage?
The down payment is higher initially because the buyer will not be required to make monthly mortgage payments (except for taxes and insurance, and the home must be maintained). The advantage in cash flow over the years, combined with the ability to purchase a more expensive home, can more than justify the difference for many homebuyers.
How will the lender determine how much money is needed at closing?
The required down payment on the new home is determined by a number of factors, including the age or eligible non-borrowing spouse’s age (if applicable), current interest rates and the lesser of the home’s appraised value or purchase price.
What sources of funds (money) are allowed with the purchase of a home with a reverse mortgage?
The money must come from liquid assets (bank accounts, CDs, retirement accounts, etc.) or from the documented sale of other assets like the existing home.
Why the Kanyur Reverse Team Should Be Your Go-To Partner
Rob is a Certified Continuing Education Instructor at ASREB (Arizona School of Real Estate & Business) and SAAR (Scottsdale Area Association of Realtors) and has helped countless realtors better serve the 62+ demographic.
Rob Kanyur and his team are personable, professional and very good at what they do. Our reverse mortgage went so smoothly. We were kept informed during the whole process which was an amazingly short amount of time! I highly recommend Rob + Fairway.
Rob Kanyur is professional and thorough in his presentation of the benefits of a reverse mortgage. He answered all of our questions so we were fully informed before committing to a reverse mortgage. We are delighted with how a reverse mortgage has served our financial needs. We highly recommend Rob Kanyur and Fairway Independent Mortgage Corporation.
Rob and his team deserve high praise. I was kept in the loop at all times. Any questions were answered promptly and patiently. (I had a lot of them.) Excellent customer service! The team works very efficiently, no hick-ups or delays. Even after closing, Rob was and still is available to help/clarify.I whole-heartedly recommend Rob Kanyur to anyone, who is searching for the best man and team for the job.Heidi S.
My husband and I live in Prescott, AZ. Rob Kanyur's company was highly recommended to us, for good reason. We took out a Reverse Mortgage in 2019 with Rob, and updated it in August 2021 to reflect the increased value of our home and low interest rates. Both transactions were quick and painless and handled professionally by Rob and his excellent team. We highly recommend Ron Kanyur and his team at Fairway Mortgage.
I have worked in and around the real estate business for almost 30 years. I have had the experience of watching numerous mortgage brokers as they provided their services for their clients. During this time I have had specific experience working with several reverse mortgage brokers.When it came time for my wife and I to consider a reverse mortgage, I knew I didn't want one of those brokers I had known in the past. We chose to do our reverse mortgage with Rob after receiving a referral from a mortgage broker friend, who I know to be very competent. She spoke well of Rob, both as a person and as a broker. We soon learned that Rob has expert knowledge of reverse mortgage. He is, by far, the best reverse mortgage broker I have ever had the privilege of knowing.If you are considering a reverse mortgage, Rob is the broker you want to do business with. He and his team will insure that your transaction will be done correctly and in a timely manner.
Hear Real H4P Customer Experiences
Choosing a Reverse Mortgage Over a Traditional Mortgage
Using a HECM for Purchase To Buy the Home You Really Want
Living in a House You Love While Creating a Legacy
Curious About What You May Qualify For?
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*This advertisement does not constitute tax and/or financial advice from Fairway.