Builder H4P Program

Learn more about this unique home financing solution and how it can impact your business. Here's a great home financing option that can help you sell more homes

Let me show you how our 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.

  • It can help you attract and capture a brand new — and rapidly growing — market of home buyers. Did you know that one fourth of today’s home buyers are age 60 and older, according to a recent study by the National Association of Realtors?
  • More shoppers can become buyers, because it allows them to keep more of their cash than they could with a conventional mortgage or an all-cash purchase.
  • Buyers can get additional spending power for upgrades or to purchase a higher-end home (e.g., pick premium lot, more square footage, etc.)

How does it work?

Buyers can purchase a home by combining a one-time investment of their own funds (a down payment of about 45% to 62%, depending on borrower age) with loan proceeds from a HECM. This down payment range assumes closing costs will be financed into the loan.

As with a traditional “forward” mortgage, the home they purchase secures the loan. But unlike a traditional mortgage, there are no monthly mortgage payments while they own and live in the home as their primary residence — making buying a new home even more attractive.

Borrower is responsible for property taxes, homeowners insurance, and property maintenance in order for the loan to remain in good standing. A HECM is a home-secured loan that must be repaid upon default or a maturity event, such as when the home is sold, all homeowners have passed away, or the last surviving borrower no longer lives there as their primary residence.

For example:

Age

Purchase Price

$350,000

$400,000

$450,000

$500,000

 

Cash required*

Cash required*

Cash required*

Cash required*

62

$196,350

$224,400

$252,450

$291,920

67

$184,450

$210,800

$237,150

$274,925

71

$177,450

$202,800

$228,150

$260,925

75

$168,350

$192,400

$216,450

$247,920

 *The amounts displayed above are for illustrative purposes only. Actual down payment amounts may vary based on interest rate and other factors. Please contact me for details.

To learn more, contact me today to get your free H4P Buyer’s Guide.

Larry McAnarney
HECM for Purchase Specialist, NMLS #21059
Call 815-703-4745 | Lmcanarney@reversefunding.com

Verified Reviews

(55)

Thanks Again Larry treated me very well and helped me go thru the indepth process!!! Thanks again

W Hammond — Sep 7, 2015

Wonderful Customer Service Customer service was top notch from beginning to end; any and all questions we had were answered or we were put in touch with someone who would be able to help us. Our representative Larry McAnarney helped each step of the way and never failed to get back to us in a timely manner.

Diane R — Jan 12, 2015

Extremely Patient, Courteous, and Helpful My father recently concluded a reverse mortgage for which Mr. Larry McAnarney was the loan officer.  I sat in with my father on several of the discussions to help him through the process.  Mr. McAnarney was extremely patient, courteous and helpful.  He answered all of our questions and went out of his way to make sure that my father understood his options and was comfortable.  His conduct was very professional, while exhibiting genuine care for the elderly client whom he was serving.  Both my father and I felt very confident about his knowledge, ethics and professionalism.  I would recommend Mr. McAnarney to anyone considering the option of a reverse mortgage.      

Jackie V — Sep 12, 2017

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This material has not been reviewed, approved or issued by HUD, FHA or any government agency. The company is not affiliated with or acting on behalf of or at the direction of HUD/FHA or any other government agency.

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