HECM For Purchase- Reverse Mortgage Purchase

Thinking of relocating or buying a new home? You can do this with the HECM for Purchase program.

A HECM for Purchase can help you achieve your dream home. The HECM for purchase program  (reverse mortgage purchase) was designed to allow seniors at least 62 years of age to purchase a new residence and obtain a reverse mortgage all at the same time. You can downsize or upsize and buy the home you've been wanting or move closer to your children and grandchildren.


The Home Equity Conversion Mortgage (HECM) for Purchase Loan can help you buy your next home without you having to pay any monthly mortgage payments.  The HECM for Purchase is insured by the Federal Housing Administration just as all HECMs are.  The HECM for Purchase  loan allows seniors to use the equity from the sale of their previous residence to buy their next home.  This can be done in one transaction.  You will make one initial investment which is your down payment towards the purchase.

WHAT ARE THE BENEFITS?

  • Eliminates monthly mortgage payments for the rest of your life
  • Preserves your cash (you receive a certain amount of proceeds from the HECM toward your purchase thereby allowing you to retain some of your cash.  This is true security.
  • (Note: If you wish, you can make monthly payments to defer interest or FHA mortgage insurance, but it is not required.)

WHAT ARE THE REASONS SENIOR BORROWERS USE THE HECM FOR PURCHASE?

  • Right-size to a smaller home with less maintenance or monthly costs
  • Buy a home closer to family or friends or in same community
  • Make retirement less stressful and more enjoyable by lowering the cost of living
  • Senior communities with more amenities  seem a more attractive option
  • Since monthly mortgage payments are not required, a HECM for Purchase Loan may help preserve your hard-earned savings and improve cash flow.
  • You will continue to own and maintain the title of your home for as long as the property remains your primary residence, and you continue to meet the obligations of the loan.

WHAT ARE THE HECM FOR PURCHASE ELIGIBILITY REQUIREMENTS?  

  • Youngest title holder must be at least 62 years of age
  • The home must be the  primary residence and must be occupied within 60 days of the closing
  • The difference between the purchase price of the new home and the HECM proceeds must be paid from qualifying sources such as the sale of a former residence, the  buyer’s other assets, or savings
  • The prroperty must be a single family home, 2-to-4 unit owner-occupied dwelling, FHA approved condo, or manufactured home that meets FHA requirements. The borrower, if there are multiple units, must occupy one of the units.
  • Just as with the HECM product, borrowers must complete a HUD approved counseling session and will receive a HECM counseling certificate.
  • Borrowers must meet HUD's financial eligibility requirements which determines that borrowers can pay property taxes, homeowner's insurance, and condo fees where applicable on the ongoing loan.

HOW MUCH MONEY WILL I RECEIVE FROM THE HECM FOR PURCHASE?  The amount of money you receive from the HECM for Purchase depends on the age of the youngest title holder, current interest rates, and the lesser of the appraised value, purchase price, or the FHA lending limit. The funds available to you may be restricted for the first 12 months after loan closing, due to HECM requirements. In addition, you may need to set aside additional funds from loan proceeds to pay for taxes and insurance.

Reverse mortgages are changing the lives of seniors and giving them more retirement options.  And the HECM for Purchase reverse mortgage with no monthly mortgage payment can help you live the life of your dreams.  

Ask your reverse mortgage specialist to draw up a comparison which will show how much you'll need to put down and how much the HECM will give you.

"Having a reverse mortgage has helped me be closer to my family and to be able to spend time with them. It's been wonderful." 

RIGHT SIZE TO A NEW HOME!

The HECM program is regulated and insured by the Federal Government!

If you are downsizing, you can still pocket the cash from your sale depending on the amount of proceeds the HECM purchase affords. Imagine buying a brand new home yet having no monthly mortgage payment the rest of your life.

Your loan is insured by FHA, Federal Housing Administration.  A Reverse Mortgage can change the way you view things and can give you freedom to do the things you've been wanting to do. Investigate whether or not a Reverse  Purchase may be an option worth your consideration.


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Buy a New Home & Enjoy Life! HECM Purchase.

A NEW HOME! No Monthly Mortgage Payments! How good is that? Use your home to fund your next one!

The only way to know HOW much money the HECM for Purchase will provide is to get a quote.  Call Kathie Adler for a free reverse mortgage comparison for the HECM for Purchase.

Jumbo Reverse Purchase

If you have a desire to purchase a home, I've got good news for you! The Reverse JUMBO mortgage can encompass homes valued up to $10,000,000 with loan amounts up to $4,000,000.  Low closing costs are an importnat feature of the Home Safe program. Click the link for more info! Give me a call with any questions or to receive a free quote.

CARING, PROFESSIONAL, PRIVATE. SERVICE AFTER YOU CLOSE.

GOT QUESTIONS?

KATHIE ADLER'S NMLS ID: 65780  - For the NMLS Consumer Access Site, go to: www.http://nmlsconsumeraccess.org      
   

Reverse Mortgage Helpline - Answering Your Questions about Reverse Mortgages KATHIE ADLER, SENIOR REVERSE MORTGAGE SPECIALIST - RESIDENT OF LONG ISLAND FOR OVER 50 YEARS - Member of Sun Suffolk (www.SunSuffolk.org) - and NRMLA A Reverse Mortgage can change your life!  

Advisors Mortgage Lindenhurst branch: 1045 Route 109, Lindenhurst, NY 11757  -  NMLS 301453   

Contact Kathie Adler - 631-804-9044

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KATHIE ADLER'S NMLS ID: 65780

ADVISORS MORTGAGE GROUP

1021 Route 109, Lindenhurst, New York 11757, United States

KATHIE ADLER NMLS ID 65780