Buying a Home

Home Equity Conversion Mortgage for Purchase (H4P)

Did you know there’s a financing option specifically for homebuyers who are age 62 and older, which can help you get the funds you need to buy the home you want?

How does it work?

With H4P, you can purchase a home by combining a one-time investment of your own funds (down payment) with loan proceeds from a Home Equity Conversion Mortgage (HECM) to complete the transaction. As with a traditional “forward”mortgage, the home you are purchasing secures the loan.

However, unlike a traditional mortgage, monthly mortgage payments are optional, which can help increase your cash flow. You own the home as long as you live in it. The loan does not have to be repaid until you sell the home or no longer live there as your primary residence. In order for the loan to remain in good standing, you must meet certain home ownership obligations — which include maintaining the property, and keeping current with property-related taxes and insurance payments.

The cash required (down payment) typically ranges from 29% to 65%, depending on your age. (The older you are, the more reverse mortgage proceeds you can receive.) This down payment range assumes closing costs will be financed into the loan.

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

Larry McAnarney, HECM Loan Specialist

Larry McAnarney

HECM Loan Specialist

NMLS# 21059 | 815-703-4745

 

 

Verified Reviews

(224)

Couldn't be Happier We recently closed our reverse mortgage with Larry McAnarney and couldn’t be happier. We don’t need the money, but Larry explained how we could set up a growing line of credit which could be used as possible future income, immediate liquidity, a long term care insurance hedge, and much more. We used this product as part of our retirement income planning strategy. Larry was very knowledgeable on all aspects of what we were trying to accomplish and very responsive to our needs and questions. He is highly recommended by us.      

Jim & Marcia M — Jan 12, 2018

Larry Organized Everything After we decided to do a reverse mortgage and some long searching, we found Larry McAnarney. We called Larry and he responded quickly and came to our house, answered all questions we had, that was it, Larry took over from there organizing everything. For us it took a very short time from 1st visit to closing. If you are looking to do a Reverse Mortgage, call Larry McAnarney first.      

Geaorge & Angela M — Mar 27, 2019

Just like your best friend Larry made the whole process as if it was going to your favorite store. No pain he took it out of the process and was so very helpful. We started with a competitive company and the could get their act together we by chance came to Larry wish we would have started with him. Thank you Larry for a job well done.

Simon M. — Nov 26, 2022

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