HECM for HOME PURCHASE
Thinking about downsizing? Thinking about a Reverse Mortgage? Instead of tying up all your cash in the equity in your home, do both!
With the newly released FHA Home Equity Conversion Mortgage (HECM Reverse Mortgage) guidelines anyone age 62 and over can use a Reverse Mortgage to buy a home.
Previously, homeowners over the age of 62 could only get cash from their existing home by using a Reverse Mortgage. This was considered a Refinance Loan. Now you can buy a home and do the Reverse Mortgage all in one transaction. This is called a Purchase Loan.
What is the advantage? You can buy a home with a Reverse Mortgage instead of buying a home and doing another transaction for the Reverse Mortgage Refinance. You benefit by only having one transaction and one closing expense. You save money!
Are you a First Time Homebuyer age 62 or over? Yes, the HECM for Home Purchase works for you as well. There are no income or credit checks. So if you didn't qualify for a traditional home mortgage, a HECM for Home Purchase Reverse Mortgage may be right for you.
No matter what your scenario is, I'll help you calculate the necessary down payment based upon your age(s) the estimated purchase price and the location of the home. There is no obligation for finding out how much you qualify for. Why not give me a call at 866-885-5573 or use my secure online form to send me your name age and property information for a confidential Reverse Mortgage benefits analysis.
