A Home Equity Conversion Mortgage for Home Purchase can be life changing for many Senior Borrowers!
People decide to move for multiple reasons. Maybe their current home is too big or too small. Perhaps they would like to be closer to family or maybe the current home no longer meets their needs.
Whatever the reasons, the exciting news is Seniors 62 and older can combine Reverse Mortgage proceeds with a down payment from their current home sale or other assets, to purchase a new home that better suits their needs.
What is the HECM for Home Purchase?
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An FHA-insured Reverse Mortgage
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Enables Senior homebuyers age 62 or older to purchase a new primary residence and obtain a reverse mortgage in simultaneous transactions
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Senior borrowers can live in the home with no monthly mortgage payments (borrowers must remain current on property taxes, homeowner’s insurance and HOA dues)
By utilizing the Reverse Mortgage for Home Purchase, senior home buyers have found that they can buy more home with less cash out of pocket!