Patricia KeeneyGuestNovember 7, 2021 at 5:26 pm
I have a reverse mortgage now, I have $260,000 to put down on a new house with a new reverse mortgage. how much house can I buy?
- AdministratorNovember 20, 2021 at 7:39 am
Hi Patricia, it depends on your age. A good rule of thumb is that you’ll be able to buy a home with a purchase price roughly double your down payment. If you’re on the younger age of the age spectrum, you may need to spend a little less on a home. If you’re older, you may be able to spend a little more. You can get a better estimate using our purchase calculator.
Your down payment will also need to cover closing costs, so for the best estimate, I would recommend getting in touch with a lender or two. They can get you prequalified and estimate the total down payment (including closing costs) based on your age and current rate conditions.
Thanks for checking in!
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