• REVERSE MORTGAGE INFO
  • HOW DO I QUALIFY?
  • REVERSE MORTGAGE MYTHS
  • REVERSE PROS AND CONS
  • WHAT ARE THE SAFEGUARDS?
  • FAQ -QUESTIONS PEOPLE ASK
  • IS IT RIGHT FOR ME?
  • WHEN IS IT DUE?
  • HECM COUNSELING
  • HECM FOR PURCHASE PROGRAM
  • JUMBO REVERSE MORTGAGES
  • REVERSE MORTGAGE STEPS
  • ADVISORS MORTGAGE INFO
  • DOCUMENTS-UNDERWRITING
  • MORTGAGE LOAN ORIGINATOR
  • FIRST-TIME HOMEBUYERS
  • FINDING THE RIGHT LOAN
  • VA HOME LOANS
  • MANUFACTURED HOMES
  • BLEMISHED CREDIT
  • FREE QUOTE!
  • More
    • REVERSE MORTGAGE INFO
    • HOW DO I QUALIFY?
    • REVERSE MORTGAGE MYTHS
    • REVERSE PROS AND CONS
    • WHAT ARE THE SAFEGUARDS?
    • FAQ -QUESTIONS PEOPLE ASK
    • IS IT RIGHT FOR ME?
    • WHEN IS IT DUE?
    • HECM COUNSELING
    • HECM FOR PURCHASE PROGRAM
    • JUMBO REVERSE MORTGAGES
    • REVERSE MORTGAGE STEPS
    • ADVISORS MORTGAGE INFO
    • DOCUMENTS-UNDERWRITING
    • MORTGAGE LOAN ORIGINATOR
    • FIRST-TIME HOMEBUYERS
    • FINDING THE RIGHT LOAN
    • VA HOME LOANS
    • MANUFACTURED HOMES
    • BLEMISHED CREDIT
    • FREE QUOTE!
  • REVERSE MORTGAGE INFO
  • HOW DO I QUALIFY?
  • REVERSE MORTGAGE MYTHS
  • REVERSE PROS AND CONS
  • WHAT ARE THE SAFEGUARDS?
  • FAQ -QUESTIONS PEOPLE ASK
  • IS IT RIGHT FOR ME?
  • WHEN IS IT DUE?
  • HECM COUNSELING
  • HECM FOR PURCHASE PROGRAM
  • JUMBO REVERSE MORTGAGES
  • REVERSE MORTGAGE STEPS
  • ADVISORS MORTGAGE INFO
  • DOCUMENTS-UNDERWRITING
  • MORTGAGE LOAN ORIGINATOR
  • FIRST-TIME HOMEBUYERS
  • FINDING THE RIGHT LOAN
  • VA HOME LOANS
  • MANUFACTURED HOMES
  • BLEMISHED CREDIT
  • FREE QUOTE!


HECM For Purchase- Reverse Mortgage Purchase

Thinking of relocating or buying a new home? You can with the HECM for Purchase program.

A HECM for Purchase can help you move into your dream home. 


The HECM for Purchase program was designed to allow seniors at least 62 years of age to purchase a new residence and obtain a reverse mortgage all at the same time. With the HECM for Purchase, you can downsize or upsize and buy the home you've been wanting or move closer to your children and grandchildren.


The Home Equity Conversion Mortgage (HECM) for Purchase Loan can help you buy your next home without requiring any monthly mortgage payments.  The HECM for Purchase is insured by the Federal Housing Administration just as with any HECM.  The HECM for Purchase loan allows seniors to use the equity from the sale of their previous residence to buy their next home.  You will make one initial investment which is your down payment towards the purchase.


WHAT ARE THE BENEFITS?

  • Eliminates monthly mortgage payments for the rest of your life
  • Preserves your cash:  You receive a certain amount of proceeds from your lender towards your HECM for purchase.  This allows you to retain some of the cash from the sale of your current home so you can put less of a deposit on your new HECM purchase.  


WHAT ARE THE REASONS SENIOR BORROWERS USE THE HECM FOR PURCHASE?

  • Right-size to a smaller home with less maintenance or monthly costs
  • Buy a home closer to family or friends or in the same community
  • Make retirement less stressful and more enjoyable by lowering the cost of living
  • Senior communities with more amenities can offer a more attractive option
  • Since monthly mortgage payments are not required, a HECM for Purchase loan may help preserve your hard-earned savings and improve cash flow.


WHAT ARE THE HECM FOR PURCHASE ELIGIBILITY REQUIREMENTS?  


  • Youngest title holder must be at least 62 years of age
  • The home must be the primary residence and must be occupied within 60 days of the closing
  • The difference between the purchase price of the new home and the HECM proceeds must be paid from qualifying sources such as the sale of a former residence, the  buyer’s other assets, or savings.  Gifts are acceptable.
  • The property must be a single family home, 2-to-4 unit owner-occupied dwelling, FHA approved condo, or manufactured home that meets FHA requirements. The borrower, if there are multiple units, must occupy one of the units.
  • Just as with the HECM product, borrowers must complete a HUD-approved counseling session and will receive a HECM counseling certificate.
  • Borrowers must meet HUD's financial eligibility requirements which determines whether borrowers can pay their property taxes, homeowner's insurance, and condo fees where applicable on the ongoing loan.

 The FHA HECM program is regulated and insured by the Federal Government!  


HOW MUCH MONEY WILL I RECEIVE FROM THE HECM FOR PURCHASE? The amount of money you will receive from the HECM for Purchase depends on the age of the youngest title holder, current interest rates, the lesser of the appraised value, purchase price, or the maximum FHA lending limit.  Ask for a free proposal from Advisors Mortgage!

RIGHT SIZE TO A NEW HOME!

The HomeSafe®  jumbo has higher lending limits on higher value homes, and this may be a better alternative for tapping into more equity than the FHA HECM. At closing, you will pay the difference between the purchase price of the new home and the loan proceeds. Prcoeeds must come from qualifying sources: the sale of a prior residence, the buyer’s assets, savings, and gifts toward the purchase are all acceptable forms of payment. Seller's concessions are not permitted on a HECM for Purchase or HomeSafe®.


You may need to set aside additional funds from the loan proceeds to pay for taxes and insurance on your purchase. Ask your reverse mortgage specialist to draw up a HECM for Purchase comparison which will provide the sum of money you'll be required to put down on your new home and how much the HECM for Purchase will provide.

If you are downsizing, you can preserve some of the cash from your sale depending on the amount of proceeds the HECM purchase affords. Imagine buying a brand new home yet having no monthly mortgage payments for the rest of your life!


Investigate whether the HECM for Purchase or HomeSafe® jumbo may be an option worth your consideration. Request a free, no-obligation comparison from Advisors Mortgage, and speak to your Reverse Mortgage Specialist to have all your questions answered. 


Questions? Call Advisors Mortgage! Advisors Mortgage: 888-843-9797 or 631-804-9044  

REVERSE MORTGAGE STEPS-CLICK HERE

Buy a New Home & Enjoy Your Life!

Jumbo Reverse Purchase

  • If you have a desire to purchase a high-end home, but you don't want any monthly mortgage payments, we've got good news for you! The Reverse Mortgage JUMBO can encompass homes valued up to $10,000,000 with loan amounts up to $4,000,000.  Low closing costs are an important feature of the HomeSafe® program that starts with minimum home values of at least $500,000. Click the link for more info! Give Advisors Mortgage a call with any questions you may have or to receive a free proposal. 
  • (All Jumbo Reverse Mortgages arranged through third party providers.)

JUMBO REVERSE MORTGAGES-CLICK HERE

CARING, PROFESSIONAL, PRIVATE. SERVICE AFTER YOU CLOSE.

Contact Advisors Mortgage: 888-843-9797 or 631-804-9044

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ADVISORS MORTGAGE GROUP, BRANCH NMLS 1833015

3330 Park Avenue, Suite 1, Wantagh, New York 11793

We can help answer ALL your mortgage questions!


  • REVERSE MORTGAGE INFO
  • HOW DO I QUALIFY?
  • REVERSE MORTGAGE MYTHS
  • REVERSE PROS AND CONS
  • WHAT ARE THE SAFEGUARDS?
  • FAQ -QUESTIONS PEOPLE ASK
  • IS IT RIGHT FOR ME?
  • WHEN IS IT DUE?
  • HECM COUNSELING
  • HECM FOR PURCHASE PROGRAM
  • REVERSE MORTGAGE STEPS
  • ADVISORS MORTGAGE INFO
  • DOCUMENTS-UNDERWRITING
  • MORTGAGE LOAN ORIGINATOR
  • FIRST-TIME HOMEBUYERS
  • FINDING THE RIGHT LOAN
  • VA HOME LOANS
  • MANUFACTURED HOMES
  • BLEMISHED CREDIT
  • FREE QUOTE!

  •  ADVISORS MORTGAGE GROUP, LLC.,  WE TAILOR LOANS TO MEET YOUR NEEDS -- Branch NMLS 1833015, 3330 Park Avenue, Suite 1, Wantagh, NY 11793 - Phone:  888-843-9797 or direct: 631-804-9044  -  Licensed by the New York State Department of Financial Services, Licensed Mortgage Banker. Licensed by the New Jersey Dept of Banking and Insurance, Licensed by the Florida Office of Financial Regulation, Licensed by the Department of Financial Protection and Innovation under the California Residential Mortgage Lending Act. , Licensed by Texas Dept. of Savings and Mortgage Lending,   IMPORTANT NOTE: FOR CONCERNS OR COMPLAINTS, PLEASE CONTACT: ADVISORS MORTGAGE GROUP, LLC.,  800-778-9044


 

  • “CONSUMERS WISHING TO FILE A COMPLAINT AGAINST A MORTGAGE BANKER OR A LICENSED MORTGAGE BANKER RESIDENTIAL MORTGAGE LOAN ORIGINATOR SHOULD COMPLETE AND SEND A COMPLAINT FORM TO THE TEXAS DEPARTMENT OF SAVINGS AND MORTGAGE LENDING, 2601 NORTH LAMAR, SUITE 201, AUSTIN, TEXAS 78705. COMPLAINT FORMS AND INSTRUCTIONS MAY BE OBTAINED FROM THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV.    A TOLL-FREE CONSUMER HOTLINE IS AVAILABLE AT 1-877-276-5550. THE DEPARTMENT MAINTAINS A RECOVERY FUND TO MAKE PAYMENTS OF CERTAIN ACTUAL OUT OF POCKET DAMAGES SUSTAINED BY BORROWERS CAUSED BY ACTS OF LICENSED MORTGAGE BANKER RESIDENTIAL MORTGAGE LOAN ORIGINATORS. A WRITTEN APPLICATION FOR REIMBURSEMENT FROM THE RECOVERY FUND MUST BE FILED WITH AND INVESTIGATED BY THE DEPARTMENT PRIOR TO THE PAYMENT OF A CLAIM. FOR MORE INFORMATION ABOUT THE RECOVERY FUND, PLEASE CONSULT THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV.”


  • NOTE: Website authorization by New York State Dept. of Financial Services is pending. Until this website is authorized, no mortgage loan applications for properties located in New York will be accepted through this site. This website is not sponsored by FHA or HUD or any government agency.