Discovering the HECM for Purchase for buyers 62 and better. Imagine purchasing a new home with no monthly mortgage payments required. The safe, government insured home equity conversion mortgage (HECM) allows for use to the loan proceeds and your down payment to purchase a primary residence within a single transaction. It is an innovative product that allows you to use the equity from the sale of your previous home, or money from your savings, to fund the purchase of a new home without a monthly mortgage payment!
This program allows you to downsize or “right size” for more affordable living, upsize to a more expensive home with no monthly mortgage payments, move to a senior community, move closer to family or buy or sell a condo.
The features of this program are, no monthly payments ever, it is a non-recourse FHA Insured loan, you remain fully on title to the home and are the full home owner so your heirs will receive the remaining equity, potentially supplement your income, minimal credit and income requirements, the homeowner enjoys just one set of closing costs, Fixed are and adjustable rates options are available.
As with any reverse mortgage the borrower must maintain property as primary residence and remain current on property taxes and insurance.