Reverse Mortgage for Purchase
Everything you need to know about reverse mortgage purchases is here
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A Home Buyer's Guide to Reverse Mortgage for Purchase
An HECM (Home Equity Conversion Mortgage), is insured by the FHA; these "reverse mortgage" loans were created a quarter of a century ago to assist Americans 62 and older with aging in place, security in retirement, and converting a percentage of the equity seniors have in their homes into tax-free money.
Do you qualify? There are three critical factors that determine whether you qualify for an HECM for purchase reverse mortgage. These include:
- Whether you are 62 years or older;
- Whether your new home will be your primary residence (and you will occupy the property within 60 days of closing);
- Whether you have an adequate down payment for the purchase of the home
Advantages of a reverse mortgage for purchase include:
- Increased enjoyment of retirement years due to a reduced cost of living
- Purchasing a home closer to loved ones and friends
- Elimination of monthly mortgage payments
- You enjoy increased purchasing power
- Having a home that is the proper size with decreased maintenance worries and costs
- Contributing toward the down payment of the home you are buying
Perhaps you have a balance on your mortgage, your home is paid for in full, or you have money in savings and are ready to buy a home that costs a bit more than you have in savings. Regardless of the situation, the benefits of an HECM for purchase are many, and important to consider for seniors who desire a more enjoyable, relaxed lifestyle without all of the financial worries.
HUD has recently put additional guidelines in place regarding the HECM program in an effort to strengthen the reverse mortgage loan program and protect borrowers. At Omni Funds we understand that the topic of HECM and reverse mortgage for purchase can be quite complex. Contact us now at 831-426-0400 for all of the details and to learn whether you may be eligible.
If you have any questions, we are just a call away, call us at +1.831.426.0400 or click the button below to contact online.