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Home Equity Conversion Mortgage

Buy Your Dream Home with NO Monthly Mortgage Payments

home equity conversion mortgage

For those of you age 62 and better there is a program you can use to purchase your next Dream home called the Home Equity Conversion Mortgage for Purchase. The HECM for Purchase program began in 2009 as a way to use a reverse mortgage to purchase a new home. It can be used to either downsize or upsize a retirement home.

If you dream about a new home with modern design, amenities, and low maintenance, then you owe it to yourself to learn more about this powerful alternative to using traditional financing or paying cash to purchase your next home.Imagine moving into a new neighborhood close to friends and family, with walking paths, a clubhouse and neighbors just like you… and doing all of this while retaining a large portion of your life savings.

The Home Equity Conversion Mortgage for Purchase loan program can potentially double your purchasing power and significantly reduce your out of pocket expenses as compared to paying cash or securing traditional financing. In essence, you can purchase a $600,000 home for about $312,388 and never have a monthly mortgage payment!*

This program comes at a time when a lot of Boomers are trying to protect their nest egg and boost monthly income. If you’ve been secretly wanting to move into a new home that better meets your lifestyle plan, then your time has finally arrived.

A HECM for purchase can Help you

  • Double your purchasing power to buy a new home
  • Let you stay at your home long-term
  • Either downsize or up-size a retirement home.

For those downsizing, the HECM for Purchase could free up more assets from the sale of the previous home to be used for other purposes. For those upsizing with the financial resources to manage this sustainably and responsibly, the HECM for Purchase could allow for a more expensive home—especially considering the possibility that obtaining a traditional mortgage may become increasingly difficult after retirement.

To Learn more about this amazing Home Equity Conversion Mortgage for Purchase Program please give us a call or send us a message. We’ll be delighted to answer all your questions

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Buying a Condo Just Got Easier

The U.S. Department of Housing and Urban Development recently revised its condominium loan policies to allow consumers greater access to mortgage loans that are federally guaranteed through the Federal Housing Administration(FHA). After Oct. 15, 2019, as many as 60,000 additional condo units will meet FHA-certification, making them eligible for buyers to purchase with an FHA loan.

The new guidelines will extend project certifications from two years to three, allow for single-unit mortgage approvals, allow a higher owner-occupant vs. renter occupancy ratio, and increase the number of units eligible to be purchased with FHA loans in a single project.

The FHA certifies eligibility for both condo projects and individual units, but according to the National Association of REALTORS, only 17,792 FHA condo loans were originated in the past year, out of approximately 8.7 million condo units nationwide.

The new relaxed guidelines are a significant improvement as condos are often more suitable and affordable to many singles, couples and small families who wish to take advantage of easier qualification, low-down-payment FHA loans – particularly first-time buyers.

Any impediment to buying a property can impact its desirability and market value. With approximately 84% of homebuyers purchasing a condo for the first time, the relaxed rules will promote more “affordable and sustainable homeownership, especially for credit-worthy first-time buyers.” The result should also make condos more marketable and easier to resell since the pool of available buyers and loans will be larger.

Contact us for more information.