HECM for Purchase financing can make it easier and more affordable for your clients age 62 and older to buy a home that better fits their life, without having monthly mortgage payments.
Your clients age 62 and older can purchase a home by combining a one-time cash investment of their own funds, either from the sale of a previous residence or from other investments with loan proceeds from a HECM reverse mortgage; all within a single transaction.
Over 10,000 people a day in America will turn 62 years of age. We can show you how you can leverage this FHA insured mortgage product to help your senior clients get into their dream homes.
Using this mortgage program you can show your senior clients how to:
- Downsize to a smaller, lower maintenance home
- Purchase homes they might not normally think they could afford
- Lower their cost of living during retirement by getting rid of their monthly mortgage payment
These examples are illustrative in nature and are only estimates.
(1) Down Payment Required: Actual down payment amounts may vary based on interest rate and other factors. Please see additional down payment information here.
(2) Mortgage Payment: By utilizing a HECM for Purchase a monthly mortgage payment is no longer required, but your clients will still be required to pay property taxes, homeowners insurance and HOA dues if applicable.
Check out more information on the HECM for Purchase program here.
If you are a professional and want to know more about the HECM for Purchase program for your clients, please use our Contact Us form and we will be happy to meet with you.