A HECM for Purchase can help you achieve your dream home. The HECM for Purchase program 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 with any HECM. 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?
WHAT ARE THE REASONS SENIOR BORROWERS USE THE HECM FOR PURCHASE?
WHAT ARE THE HECM FOR PURCHASE ELIGIBILITY REQUIREMENTS?
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. You may need to set aside additional funds from the loan proceeds to pay for taxes and insurance.
Ask your reverse mortgage specialist to draw up a HECM for Purchase comparison which will provide the sum of money you'll need to put down on your new home and how much the HECM for Purchase will provide.
The HECM program is regulated and insured by the Federal Government!
If you are downsizing, you can preserve some of 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 payments the rest of your life.
Your loan is insured by the FHA, Federal Housing Administration.
Investigate whether the HECM for Purchase may be an option worth your consideration.
The only way to know HOW much money the HECM for Purchase will provide is to receive a proposal. Call Advisors Mortgage for a free reverse mortgage comparison for the HECM for Purchase.
If you have a desire to purchase a home, we'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 important feature of the Home Safe program. Click the link for more info! Give Advisors Mortgage a call with any questions or to receive a free proposal. (All Jumbo Reverse Mortgages arranged through third party providers.)
3330 Park Avenue, Suite 1, Wantagh, New York 11793
ADVISORS MORTGAGE GROUP, LLC Branch NMLS 1833015, 3330 Park Avenue, Suite 1, Wantagh, NY 11793 Licensed Mortgage Banker. Licensed by the New York State Department of Financial Services, Licensed by the New Jersey Dept of Banking and Insurance
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NOTE: Website authorization by New York State Dept of Financial Services is pending. Until this website is authorized, no mortgage loan applications for properties located in New York will be accepted through this site.