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?
WHAT ARE THE REASONS SENIOR BORROWERS USE THE HECM FOR PURCHASE?
WHAT ARE THE HECM FOR PURCHASE ELIGIBILITY REQUIREMENTS?
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!
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
3330 Park Avenue, Suite 1, Wantagh, New York 11793
We can help answer ALL your mortgage questions!