A Home Equity Conversion Mortgage (HECM) for Purchase loan can be a fantastic tool for seniors who are looking to downsize or move closer to family. Whether seniors are looking to move to the city, get out to the country, or just find their dream home, a HECM for Purchase may allow them to live out their dream.
Seniors today are living longer and healthier lives than the seniors of previous generations. As their lifestyles evolve around retirement, they are finding that the houses they raised their families in are no longer suitable for their needs. Often the wish lists of seniors include something newer and lower maintenance than their current home with amenities like a pool or close proximity to a golf course.1
By using a HECM for Purchase as a reverse mortgage solution when right sizing into a retirement home, seniors may be able to lessen the financial strain of purchasing a new home and improve their cash flow. These types of loans allow qualified seniors to purchase a new home with only half down and no monthly mortgage payments.2 This gives seniors the freedom to enjoy their new home without the strain of making mortgage payments in retirement.
If you are a homeowner 62 or older and looking to right size into a new home, a HECM for purchase may be right for you. To learn how much you may qualify for and get answers to your questions fill out the calculator above or call 1.800.976.6211.
1 Reverse Mortgage Daily. Inside Reasons Why Seniors Choose the HECM for Purchase. https://reversemortgagedaily.com/2018/06/17/inside-the-reasons-why-seniors-choose-the-hecm-for-purchase/
2 You must live in the home as your primary residence, continue to pay required property taxes, homeowners insurance, and maintain the home according to FHA requirements. Failure to meet these requirements can trigger a loan default that may result in foreclosure.