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 to take on monthly mortgage payments
Buyers 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.
With the baby boomer population it is estimated that for the next 15 years, over 10,000 people a day in America will turn 62 years of age. Realtors leveraging this unique mortgage tool with the baby boomer population may not only improve their market reach and sell more homes but help senior clients:
- Purchase homes they might not normally think they could afford,
- Right-size to a smaller, lower maintenance home
- Buy a home closer to family or friends
- Lower their cost of living during retirement
- Enjoy carefree living in a senior housing community
As with any home-secured loan, in order for the loan to remain in good standing they must maintain the property, and keep current with property-related taxes and insurance payments.
* The amounts displayed are for illustrative purposes only and are approximations. Actual down payment amounts may vary based on interest rate and other factors. Please contact us for details about credit costs and terms