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 52%, 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

(52)

Larry Provided Quick and Accurate Information Larry was great to work with. He kept us informed by telephone and returned our emails promptly. He was considerate and courteous at all times. His experience was greatly appreciated in our complex matter. He was able to provide quick and accurate information resolving the issues. We would be very happy to recommend Larry. We want to thank you again for all your hard work!!!    

Tito & Linda N — May 23, 2017

Clone Larry! When we met Larry McAnarney, it did not take long to feel comfortable. There was no high pressure feeling; he answered our questions and put us at ease. Larry was great! Our Hud counselor, and the gentleman who did our closing were very good, too. Only one problem.....we should have done it sooner. Larry gets SIX stars. Bernice and Dave

Bernice & Dave L — Oct 28, 2014

Professional, Patient, Helpful, and Knowledgeable We couldn't have asked for a more professional, patient, helpful and knowledgeable person like Larry McAnarney. I had the privilege of working with Larry, to help a dear friend with her reverse mortgage. Larry was thorough with the whole process, never pushy and always available when we reached out with questions or needed any kind of assistance. He followed up with us on every procedure and was always very considerate about the need at hand. The "mortgage world" needs more people like Larry McAnarney... then things wouldn't be as complicated or as difficult as we perceive them to be. Thank you Larry, you definitely get way more than just 5 stars!!!

Fiona — Mar 28, 2016

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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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