THE FHA HECM for Purchase can help you move into your dream home.
The FHA HECM for Purchase program was designed to allow seniors 62 years of age and above to purchase a new home without having to pay any monthly mortgage payments!
You can obtain a reverse mortgage and a new home 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 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 or their savings to buy their next home.
WHAT ARE THE BENEFITS?
WHAT ARE THE REASONS SENIOR BORROWERS USE THE HECM FOR PURCHASE?
WHAT ARE THE HECM FOR PURCHASE ELIGIBILITY REQUIREMENTS?
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 FOR higher value homes, and this may be a better alternative for tapping into more equity than the FHA HECM. The down payment must come from qualifying sources such as the sale of a prior residence, the buyer’s assets, or savings. 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 get all your questions answered.
Questions? Advisors Mortgage: 888-843-9797 or 631-804-9044
First time homebuyers, VA, FHA, reno loans, commercial, loans, condos, coops (in NY), horse property loans, mixed use, bank statement loans! Click the link below to apply online at Advisors Mortgage, get approval, and track your loan online! Or call 888-843-9797 for more.
ADVISORS MORTGAGE GROUP, LLC., WE TAILOR LOANS TO MEET YOUR NEEDS -Branch NMLS 1833015, 3265 Merrick Road, Wantagh, NY 11793 - Phone: 888-843-9797 or direct: 631-804-9044 - Licensing: CA: Licensed by the Department of Financial Protection and Innovation under the California Residential Mortgage Lending Act; FL; GA Residential Mortgage Licensee; NJ: Licensed by the New Jersey Department of Banking and Insurance; Licensed Mortgage Banker –OH; PA; TX. www.nmlsconsumeraccess.org