Builder HECM for Purchase Program

Builders: Here’s a smart home financing option that can help you sell more homes and upgrades

Let me show you how our Home Equity Conversion Mortgage (HECM) for Purchase 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 22% of today’s home buyers are age 62 and older, according to a recent study by the National Association of Realtors®, and that number is expected to grow over the next decade?
  •  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 it works: Buyers can purchase a home by combining a one-time investment of their own funds (a down payment of typically 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, monthly mortgage payments are optional while they own and live in the home as their primary residence — making buying a new home even more attractive.

As with any home-secured loan, the borrower must meet their loan obligations, keeping current with property taxes, insurance, maintenance, and any homeowners association fees.

Comparing three ways to purchase a new home:

 

 
 
All Cash
 
Traditional Mortgage
 
HECM for Purchase
Why?
  •  Buyer owns the home free and clear
  •  Option to make a minimum down payment and limit upfront investment
  •  Builds equity as they pay down the loan
  •  Flexible repayment feature: Monthly principal and interest payments are optional*
  •  Gives the buyer the flexibility to get the home they really want
  •  Allows them to keep more assets to use as they wish
Why
Not?
  •  Ties up a large portion of their money
  •  Monthly mortgage payments diminish the buyer’s cash flow
  •  The buyer’s equity in the home decreases if principal and interest payments are deferred, as the loan balance increases over time due to interest
  •  Requires a larger down payment than the traditional mortgage option

 

*  As with any home-secured loan, the borrower must meet their loan obligations, keeping current with property taxes, insurance, maintenance, and any homeowners association fees. 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.
 

Contact me today to find out how you can tap into this vital market, create more foot traffic and sell more homes.

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

Branch NMLS # 1404799
700 Commerce Drive, Suite 5055
Oak Brook, IL 60523

Verified Reviews

(130)

Larry is the Reason We Chose to Proceed Larry McAnarney is the reason we chose to proceed with a reverse mortgage. I had spoken to several individuals with other companies, always feeling after lengthy conversations we were being pressured. After Larry took the time and patience to explain the entire process and had the professional ability to access our financial situation, we knew we could trust and rely on his assistance. Our understanding of the process prior to Larry, was uninformed. We were not pressured in any way and truly feel had a reverse mortgage not been a benefit to us, Larry would have advised us to not pursue a reverse mortgage, even if it meant loosing a client. Larry is a kind, caring and ( very very patient) man. Thank you Larry!    

Larry & Joy B — Feb 14, 2020

Pleasure Working with Larry It was a pleasure working with Larry. He explained everything just as it worked out from start to finish. I wish I had more school teachers that could explain things and work with me as well as he did. I would definitely recommend him to anyone interested a reverse mortgage. 5 stars plus

Robert R — May 17, 2017

Larry McAnarney assisted with a reverse mortgage for my elderly Mother Larry McAnarney assisted with a reverse mortgage for my elderly Mother. Larry was always quick to respond to my questions and emails and even presented to the condo board where my Mother lives for the reverse mortgage program. The process of closing and signing the papers went without any issues. We could never have been able to help my Mother if weren't for Larry's help and expertise. He is very knowledgeable and experienced in this field. I do not hesitate to recommend Larry to anyone looking for a reverse mortgage.    

Terri F — Jan 6, 2021

Read More Reviews
memberships

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. RMF is a Licensed Mortgage Banker in the State of New York, but this loan originator and site are not authorized by the New York State Department of Financial Services. No mortgage solicitation activity or loan applications for properties located in the State of New York can be facilitated through this site.

© 2020 Reverse Mortgage Funding LLC, 1455 Broad St., 2nd Floor, Bloomfield, NJ 07003, 1-888-494-0882. Legal approval #L976-Exp042018, Company NMLS ID # 1019941. For licensing information go to www.nmlsconsumeraccess.org/?EntityDetails.aspx/?COMPANY/1019941. For California consumers: For information about our privacy practices, please visit www.reversefunding.com/privacy . Not all products are available in all states. Terms subject to change without notice. Certain conditions and fees apply. This is not a loan commitment. All loans subject to approval. For more information about Larry McAnarney go to https://local.reversefacts.com/larry-mcanarney-d5f3b06e35a1
For additional licensing and disclosures please visit https://www.reversefunding.com     Where we lend    Terms of Use     Privacy     Accessibility Statement

Arizona Mortgage Banker License #0927682; Georgia Residential Mortgage Licensee No. 36793, Originator License No. 40299; Kansas Originator License LO.0001032; Licensed by the New Jersey Department of Banking and Insurance; Licensed by the Department of Financial Protection and Innovation under the California Residential Mortgage Lending Act; Loans made or arranged pursuant to a California Financing Law license; Texas Mortgage Banker Registration in-state branch address 6044 Gateway East, Suite 236, El Paso, TX 79905 (Branch NMLS 1244676); Not intended for Hawaii and New York consumers.