Builders: Exciting Home Financing Option That Can Help You Sell More Homes to the 79 million baby boomers*.
The HECM (Home Equity Conversion Mortgage) for Purchase program enables borrowers over the age of 62 buy a new home, maybe their dream retirement home, with as little as 45-50% down payment, without ever having to make a mortgage payment.**
Instead of having to seek conventional financing and qualifying under those guidelines or having to bring in 100% cash, reverse mortgage buyers can conserve their liquid assets by utilizing a HECM for Purchase. This gives the buyer increased purchasing power to buy in new construction projects in a community environment they desire.
And since the Reverse Mortgage guidelines prohibit any 3rd party concessions of any kind, you will never be asked to provide a concession, credit or pay for any of the buyers fees.
HECM Home Purchase Example***
Learn how to open up this new opportunity with potential buyers for you resulting in more sales in YOUR project. Eligible property types include single-family house or townhome; FHA (Federal Housing Administration) approved condos; manufactured home that meets certain requirements.
* http://www.prb.org/Publications/Articles/2002/JustHowManyBabyBoomersAreThere.aspx ** Must continue to pay property taxes, insurance and maintain the home. *** This example is used for illustration purposes only and is not a guarantee of costs, loan amounts or terms. **** Loan amount calculated March 15, 2016.