A HECM or Home Equity Conversion Mortgage empowers seniors aged 62+ to purchase a new home with no monthly mortgage payments. The HECM for Purchase enables retirees to purchase a new home without the burden of monthly mortgage payments. Revolutionize your financial picture and quality of life with a reverse mortgage! For instance, move closer to family or into a community with amenities like a pool or golf course. Monthly mortgage payments could make this impossible. Above all, a HECM for purchase could allow you to maximize purchase power or spend less on your next home, despite the current market trends.
Is a HECM for Purchase Right For You?
Consider your options to purchase your next home- with cash, a traditional mortgage with required monthly mortgage payments, or a reverse mortgage. For instance, buying a home with all cash ties up a large portion of your liquidity in your home. Consider using this cash for more advantageous things later in life. With a traditional loan, you will have to qualify with your credit score and debt-to-income ratio and then be able to make the required monthly mortgage payments or risk foreclosure if you are unable. With a reverse mortgage, keep a significant portion of your cash and avoid the risk of foreclosure due to missed or late monthly mortgage payments. A reverse mortgage puts you in control of your cash in retirement.
Request our HECM for Purchase Guide
We specialize in reverse mortgages including the HECM for Purchase; reverse mortgages are all we do! We created an easy-to-read guide for our clients and their real estate agents to navigate this process stress-free. The guide includes various aspects of the process including the ins and outs of the HECM for Purchase, and what homes qualify. ur guide helps to take some worry out of the picture. We can assist and our guide will undoubtedly help.
How a HECM for Purchase Works
Those aged 62+ can use cash from a sold property or accumulated savings for their one-time down payment and purchase a new home with a reverse mortgage covering the difference between the down payment and the purchase price. Additionally, the amount required for the down payment is dependent upon the purchase price of the new home, the age of the youngest client, and the current interest rates. A HECM reverse mortgage maximum loan amount is $1,149,825. Moreover, we can estimate how much you would need to put down or how much house you could buy with a quick phone call to one of our reverse mortgage experts. Contact us today to request a guide and an estimate for your home purchase by filling out the form below.
Benefits of Purchasing with a Reverse Mortgage
- Stress-Free Home Purchase:
- Eliminate worries about monthly mortgage payments, enhancing the home buying experience and ensuring a higher quality of life.
- Financial Flexibility:
- Preserve your savings and investments: use the reverse mortgage for the home purchase, providing financial flexibility for other needs.
- Retained Ownership:
- Ownership stays with the buyer, maintaining control and security.
- Financial Relief for Children:
- Lower monthly expenses and increased disposable income reduce the likelihood of parents depending on their families for financial support.
- Age in Place:
- Purchase a home that suits your evolving needs, ensuring you can age in place comfortably and securely.
HECM for Purchase Repayment Requirements
You can choose to repay as much or as little as you like each month or make no monthly mortgage payments. The flexible repayment feature makes it easier for a buyer to afford the home they want, preserve more savings, and improve cash flow. As with most mortgages, the borrower must pay property-related taxes, insurance, and maintenance as part of their loan obligations. Once they sell the home, pass away, move out, or fail to meet the loan obligations, repayment is triggered. Live in your home for life, and pay as you desire!
Who Should Consider a HECM for Purchase
This program is a great fit if you:
- Are ready to downsize, up-size, move closer to family, move to a senior community, or buy your “dream home” without mandatory monthly mortgage payments.
- Live on a fixed income and are concerned about being able to afford a new home.
- Your current home no longer fits your lifestyle. For example, the washer and dryer are down in the basement, the yard is too big to take care of, or you need or prefer a one-floor living situation.
- You want to increase your purchasing power to buy the home you really want, with the amenities you need or desire.
- You want to preserve some of the proceeds from the sale of your home as cash or other retirement savings.
Learn More: Reach Out Today!
Explore the world of HECM for Purchase and determine if this transformative loan aligns with your needs. Learn more about our company on our website here and then contact us at 800-791-5626 or fill out our online form below to request a HECM for Purchase guide today.