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Fannie Mae reverse mortgages help seniors buy real estate

No payments required while living in home

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DEAR BOB: Thank you for your recent article about reverse-mortgage benefits for senior-citizen homeowners. But a short paragraph really got my attention. You said something about Fannie Mae offering reverse mortgages for home purchases. My wife and I have been talking about selling our big, old house, while the market is excellent in our town, and buying a nice two-bedroom house all on one level without any steps. We're not disabled, but climbing the steps to the bedrooms is getting to be a chore. Also, I'm worried one of us might slip and fall on the stairs. However, with both of us being on retirement income, we don't have enough income to afford mortgage payments. Please provide details where we can get a reverse mortgage with no payments to buy a smaller home – William McG. DEAR WILLIAM: Fannie Mae is the only reverse-mortgage lender offering these special home-purchase loans, which require no monthly repayments while you live in the home. But you will need to make a substan...