Reverse Mortgage

Reverse Mortgage (HECM) for Purchase

Whether you are a first-time home buyer or moving to a home that better suits your lifestyle, The Home WEquity Conversion Mortgage used as a purchase loan helps older homebuyers fulfill their dreams of buying a home without qualifying for or affording monthly mortgage payments. *

JACK’S STORY

Jack was living on a fixed income and owned a home with a very small mortgage in another state away from his family when he decided it was time to move closer. Taking advantage of the surge in real estate values he was able to sell his home at a great price but this meant that home values had gone up where he wanted to buy as well. He didn’t want to have a mortgage payment anymore because of his fixed income, but the homes available that he could buy for cash were just not what he wanted.

Enter the HECM 4 purchase. Using this strategy, Jack was able to buy his dream stucco home, have no monthly mortgage payment,* and keep some of the proceeds from the sale of his home in his bank account for a rainy day.

* The owner of the property is always responsible to maintain the home and pay their property taxes and homeowners insurance independently.