Builder HECM for Purchase Program
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:
|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.
Reverse Mortgage Specialist, NMLS #21059
Call 815-703-4745 | email@example.com
Corporate NMLS # 1025894
1 E 22nd St. Ste 401, Lombard, IL 60148