Thanks to the availability of the FHA-sponsored Home Equity Conversion Mortgage (HECM) seniors in Wayne, Macomb, and Oakland counties in Michigan have the opportunity to finally achieve their goal of home ownership. Also known as HUD's (Department of Housing and Urban Development) Reverse Mortgage program, a HECM allows senior citizens to purchase a home, even if they've never owned a home before. Qualifying individuals over the age of sixty-two can even enjoy their new home without facing the obstacle of monthly mortgage payments.
The road to home ownership begins with selecting a home from our inventory of available homes. These homes have been handpicked to meet all of the eligibility requirements of HUD. They are single-family homes that are ready to become your primary residence. In addition, each of these homes' prices fall within the allowable loan HECM loan amounts.
After you've chosen a prospective new home, you will contract with us for the purchase of your new home. Don't be too worried, though, about making payments on this loan. This is the point where your HECM mortgage will take its place in your home purchasing plan. By securing your reverse mortgage financing you will be able to access the funds from your reverse mortgage to pay off your contract with us. The HECM will become your only mortgage holder.
With your obligation to our contract met, you will be free to enjoy life in your new home. Because your home debt is deferred by the reverse mortgage, you will never have to make a house payment. Your responsibilities will be to simply maintain the home and to keep your homeowner's insurance and real estate taxes current.
Remember that you will never outlast your reverse mortgage. As long as you are living in your home, the note will never become due on your mortgage. Only after you have passed away or chosen to live somewhere else will you have to settle your mortgage debt. At that point, you or your heirs will be able to use the proceeds from the sale of the property to pay off the mortgage.
For senior citizens who thought they would never be able to own their own home, a reverse mortgage may be the perfect solution. With no monthly payments to make and houses available right here in your part of Michigan, our home ownership program makes perfect sense. Contact us today to find out how to schedule your interview session with a HUD-approved counselor to find out if a reverse mortgage might be right for you. We can find you a house as soon as you have your brief interview and you can be on your way to a brand new lifestyle.
Contact us at GCCPropertySolutions@yahoo.com to take the first step
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