Why the HECM should I sign this?
Sellers unfamiliar with the Home Equity Conversion Mortgage loan may question the lender required paperwork to be signed. To avoid impeding the process due to a lack of understanding, contact an FHA approved lender for answers.
Pertinent information gained will set the expectation, helping the process move forward. A seller wants to avoid being the person to quash the transaction due to ignorance. The other party can or may sue for damages and rightfully so.
The FHA Amendatory Clause protects buyers from low appraisals and some home owners may be reluctant to sign because the transaction could fail. It is, however, a Federal Housing Administration requirement.
The Home Equity Conversion Mortgage (HECM) qualifications for home buyers are:
- Must be age 62 or older
- Have sufficient equity in home or
- Enough cash on hand to qualify for a purchase
Become educated rather than refusing to respond. There are no hidden agenda's with the reverse mortgage and the majority of responsibility to perform lies on the buyer's side, rather than the seller's.
When all parties in a transaction have the necessary knowledge and are confident, it is WIN-WIN! Can I get a HECM yeah?!
Have questions about St. George or the southern Utah area? Please contact me at 435.632.9374 or email@example.com. Glad to help with your residential real estate needs because Wanda Can!