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Would you like to buy a new home but really did not think you could qualify for the new mortgage based on today’s underwriting guidelines? Did you think you would have to either put your plans on hold or use all your available assets to make your move? If you are 62 and over, you should consider purchasing with the HECM (Home Equity Conversion Mortgage) for purchase program.
The HECM for purchase is a federally-insured reverse mortgage which allows seniors age 62 and over to downsize, upsize, move closer to family and friends, live in homes more suitable for their needs or move to communities with activities more in line with their lifestyles…without monthly mortgage payments.
The HECM for purchase is a home loan that allows you to live in your home with no monthly mortgage payments and does not require you to pay the entire amount of the home in cash; giving you more liquidity for your individual use (you are responsible for taxes, insurance, upkeep and any homeowner’s dues). Let us show you how to purchase your next home with a Reverse Purchase Mortgage.
Working with a real estate agent? If you are ready to make an offer on a property and need help explaining to real estate agents and sellers how the reverse mortgage purchase program works and how it may benefit all parties, please let us assist you. We are here to assist you with the necessary steps for approval.