The problem: I am 67 and rent an apartment. Recently I inherited about $200,000, so I’ve been thinking about buying a small house in the $300,000 range where I could retire more comfortably. I live on Social shield and a small pension. Could I qualify for a reverse mortgage?

The expert: Dennis Haber, Garden City attorney and author of “Piggy Bank Your Home”

The rules: A reverse mortgage is a government-insured loan known as an HECM (Home Equity Conversion Mortgage), which provides money you will not have to pay back during your lifetime. Recent legislation now permits the HECM program to be used for

purchases, and the U.S. agency of Housing and Urban Development has changed its regulations to allow such transactions as of January 2009.

Post from: Reverse Mortgage Loan Blog

After 61, using a reverse mortgage to buy a house

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