Builders

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 it works: Buyers can purchase a home by combining a one-time investment of their own funds (a down payment of about 29% 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.

As with any home-secured loan, in order for the loan to remain in good standing they must maintain the property, and keep current with property-related taxes and insurance payments.

  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.

 

 

Comparing three ways to purchase a new home:

 
 
ALL CASH
 
TRADITIONAL MORTGAGE
 
H4P
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
  • No monthly payments of principal and interest*
  • 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 as the loan balance increases over time due to interest.
  • When the loan comes due, the buyer or their heirs must pay off the loan to keep the home.

 

   

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

Larry McAnarney
HECM Loan Specialist, NMLS #21059
Call 815-703-4745 | lmcanarney@reversefunding.com

Verified Reviews

(53)

You Were There for Us My husband and I are so glad we had you help us with our reverse mortgage.  We could not have had a more professional nice person take care of our needs. You helped us above and beyond. You were there for us with all our questions and concerns.  We appreciated it very much.Thanks again Harlan and Jennie  

Harlan & Jennie S — Jun 27, 2016

Nervous in the Beginning Larry was very knowledgeable about the processing of the reverse mortgage. He answered all my questions in a way that I could understand each step of the process. I was nervous in the beginning but with Larry helping me step by step in understanding the process, I became very much at ease. I would be more than happy to recommend others who would want to do a reverse mortgage. Again, thank you Larry.  

Dorthie A — Feb 6, 2017

Very Easy Process Larry made this process easy from start to finish. Was always available with any questions that came up. Even after closing! I would not hesitate to recommend a reverse mortgage to any senior and Larry to help thru the process. Thank You Larry! I am grateful.

Carol B — Jan 29, 2016

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.

© 2017 Reverse Mortgage Funding LLC, 1455 Broad St., 2nd Floor, Bloomfield, NJ 07003, 1-888-494-0882. Legal approval #L976-Exp042018, Company NMLS ID # 1019941. NMLS Consumer Access: www.nmlsconsumeraccess.org/?EntityDetails.aspx/?COMPANY/1019941
Please click here for full Reverse Mortgage Funding state licensing.     Where we lend     Terms of Use     Privacy

Illinois Residential Mortgage Licensee; Arizona Mortgage Banker License #0935256: 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; Texas Mortgage Banker Registration in-state branch office 6044 Gateway East, Suite 236, El Paso, TX 79905(branch NMLS 1244676) RMF is not licensed or registered to engage in mortgage loan origination activities in Hawaii or New York.