Reverse Mortgage For Home Purchase

What Is The Home Equity Conversion Mortgage (HECM) For Purchase?

• An FHA-insured reverse mortgage

• Enables senior homebuyers, age 62 or older, to purchase a new primary residence and obtain a reverse mortgage in simultaneous transactions with no monthly mortgage payments

• Allows buyers to combine reverse mortgage proceeds with a down payment from their current home sale or other assets, to purchase a new home

How Can It Help Senior Homebuyers?

• Purchase a new home without taking on a new monthly mortgage payment

• Purchase a primary residence suitable for their current needs

• Purchase a home in a senior housing community

• Move into a new home that's easily accessible with modern amenities

• Downsize to a smaller, easier-to-maintain home

• Relocate closer to friends and family members

Example of How HECM for Purchase can work for you:

• Gloria and Ted Palmer, both 74, want to buy a more accommodating single-story home. They work with real estate agent Jane Mills to sell their current two story home. In a separate transaction, they look into buying a new single-story home in a housing development being built by Bill Davis.

• The Palmers meet with Mills and Davis and look at several homes priced at $300,000.

• Mills introduces the Palmers to John Reynolds, a reverse mortgage consultant. Reynolds shows the Palmers how the reverse mortgage for purchase could provide the additional funds they'll need:

Purchase Price $300,000

Reverse Mortgage Proceeds $198,080

Cash Required To Close $101,920

• The Palmers combine the $101,920 from the sale of their departure home with the $198,080 reverse mortgage to purchase a new home for $300,000- and have no monthly mortgage payments!

Contact me today for details