One way you can convert your home equity into money is through a HECM for Purchase.
For a more complete HECM Retirement Income Analysis click HERE or call 1-800-762-6315 Retirees are intentionally choosing to move. With as little as 44% down, they can purchase a new home, extending their savings and creating genuine peace of mind.
Home Equity Conversion Mortgage for Purchase (H4P) The Home Equity Conversion Mortgage (HECM) for Purchase (H4P) home financing program can help you sell more homes, by making it easier for people age 62 and older to buy the home they desire.
“We are thrilled to partner with 55places and provide our HECM for Purchase expertise to this audience,” added Pistone in a press release announcing the partnership. “This is an exciting opportunity.
HECMs for Purchase are specifically designed for senior citizens thinking about moving out of their current property into a new home. As with any reverse mortgage, it’s critical that you understand the fees and costs that are associated with it. We cover the process and guidelines for buying a house with a reverse mortgage.
With a HECM for Purchase, you can purchase a home by combining a one-time investment of your own funds (down payment) with loan proceeds from a Home Equity Conversion Mortgage (HECM) to complete the transaction. As with a traditional "forward" mortgage, the home you are purchasing secures the loan.
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A HECM for Purchase Loan, also known as a Reverse for Purchase, is a government-insured loan that gives homeowners 62 and older the convenience and.
How The HECM for for purchase program works. The homebuyer informs the lender that he or she desires to purchase a new home using a reverse mortgage. The reverse mortgage lender calculates the proceeds that the homeowner would be qualified to receive through the HECM loan if the borrower already owned the property.
The federally-insured purchase reverse mortgage program allows Americans age 62 and over to downsize, upsize, move closer to family and friends, live in homes more suitable for their needs without having to purchase a home for all cash and requires no monthly mortgage payments for the life of the loan.
The Home Equity Conversion Mortgage (HECM) for Purchase was created by Congress four years ago to streamline home-buying transactions and cut costs,