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?
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. 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."
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.
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 HECM for Purchase.
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
Understanding Reverse Mortgages is possible! Reverse Mortgage Helpline provides information about Reverse Mortgages... Free Reverse Mortgage seminars and in home consultations help provide senior homeowners with factual information about possible retirement or the financial benefits of a Reverse Mortgage. Reverse Mortgages are sometimes called senior mortgages for senior citizens. Advisors Mortgage Group, LLC is a Multi-State Mortgage Banker with Headquarters located in Central New Jersey with offices throughout the US. Headquarters: 1411 Highway 35, Ocean, NJ 07712. New York Mortgage Broker License: 206697. Licensed by the N.J. Department of Banking and Insurance. Licensed Lender and Secondary Mortgage Lender no. 631155. (FHA License #1548300002). Advisors Mortgage NMLS 33041, Licensed Mortgage Banker-NYS Department of Financial Services, Registered Mortgage Broker-NYS Department of Financial Services. http://www.AdvisorsMortgage.com - Kathleen Adler, Mortgage Originator, NMLS Identifier 65780. Website designed and maintained by Adler Web Design Copyright 2008 - All Rights Reserved. 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. ( Reverse Mortgage Smithtown, Reverse Mortgage Holbrook, Reverse Mortgage Huntington, Reverse Mortgage Port Washington, Reverse Mortgage Commack, Reverse Mortgage Patchogue, Reverse Mortgage Floral Park, Cambria Heights, Bayside, Valley Stream.