The Home Equity Conversion Mortgage (HECM) for Purchase allows home buyers, at least 62 years of age or older, to purchase a home through a Reverse Mortgage. This can be a valuable option for seniors who need a new home that better meets their physical needs, or who wish to move closer to family members, or to simply move into their dream home in retirement! And because this is a Reverse Mortgage no monthly mortgage payments are required – but remember – you retain title to your home and full rights and responsibilities of home ownership – you remain responsible for the payment of property tax, insurance and any HAO fees.
Your down payment amount will be determined by the age of the youngest home buyer, the purchase price of the home (or the FHA Max Claim Amount) and the Expected Rate – the Reverse Mortgage does not use your income, credit score or LTV to determine your loan amount, or even your interest rate!
Why consider the use of a Reverse Purchase? First and foremost the freedom of no monthly mortgage payments (you remain responsible for the payment of property tax, insurance and any HAO fees). Keep more of the proceeds from the sale of your current home… money that can be better used perhaps for upgrades, new furniture, moving expenses, or to simply improve your financial position and help you not only survive retirement, but thrive in retirement! And, with the use of the Reverse Purchase you can dramatically increase your projected purchase price!
How Can We Help?
At Ted Butler, the Voice of Reverse Mortgage, I can assist those in Orange County, CA to Bellevue, WA and find a solution to your Reverse for Purchase needs.
I will help you move from opinion to knowledge, and then from knowledge to understanding so you can be confident that the solution you choose will be an educated one!
If you are located in California, please contact me at 949-440-1958.
If you are located in Washington, please contact me at 425-891-6644.