Home Equity Conversion Mortgage for Home Purchase

Home Equity Conversion Mortgage for Home Purchase
Did you know senior borrowers age 62 and older can use a Home Equity Conversion Mortgage (HECM) to purchase a home? Many senior borrowers have heard about the benefits of paying off an existing mortgage utilizing a reverse mortgage. However, many are still unaware that they can also purchase a new home by combining a reverse mortgage with a down payment. This enables senior borrowers to purchase a new home without having to worry about making monthly mortgage payments (borrowers must remain current on property taxes, homeowner’s insurance and HOA dues)! The HECM for home purchase also has minimal income and credit requirements, has many consumer safeguards, is FHA-Insured and HUD regulated!

Purchasing a home with a reverse mortgage is very similar to purchasing a home with a conventional mortgage. Call us today to learn more about how a HECM for home purchase can increase your purchasing power!
  

 

Home Equity Conversion Mortgage for Home Purchase

ELIGIBILITY REQUIREMENTS

  • Homeowner must remain current on property taxes, homeowner’s insurance, HOA dues and routine home maintenance
  • Must be 62 years of age or older
  • Home being purchased must be the primary residence
  • Seller concessions can only be shown as a reduced price
  • Competitive fixed rate and adjustable rate mortgage available
  • The amount of money qualified for depends on age, home value and interest rate at the time of the loan
  • Minimal income or credit requirements
  • New Construction – Certificate of Occupancy must be issued prior to application
  • Non Recourse Loan: Borrower will never be personally liable for more than the home’s value at the time of sale and cannot leave themselves or their families in debt

MORE PURCHASE POWER!
By utilizing the HECM for home purchase, senior home buyers have found that they can buy more home with less cash out of pocket!

For more information or call 877-217-0166