Not yet, but I have a client considering doing so.  Either that or buy the house for cash and initiate a reverse mortgage when the value rises.

I hadn't realized a reverse mortgage was an FHA product and the client is required to attend an educational session.

Good morning Jennfer. We have been doing reverse mortgages for purchases for many years. It is a good strategy for many, but some we discourage.

Make it a great weekend!

No I have not, however my sister who owned her home outright got one.

This is, in my opinion, a vastly under utilized home purchase method.

Purchase for 60% of list, own the home, and never make a house payment.

Of course the catch with reverse mortgages is that changing your mind will incur additional fees.

This is a really good question. I know some lenders shy away from this. But one of my agents has a buyer who's purchase is contingent on the sale of their family home where that buyer is getting this type of mortgage. She's not a party to that transaction so it's harder to follow. I hope to see successful comments on this question.

No, but I was giving some thought to going the route myself.

No but I consulted for a friend when she used a HECM to purchase her home.

I didn't know you could buy a home using a reverse mortgage.

We have not

Hi Jennifer - I have not.  

Jennifer Provencio - not yet! And less likely to work with such loan.

So far I have not had that opportunity.