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?
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.
Buying a home video? WATCH: How a Home Equity Conversion Mortgage for Purchase works
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
Professional and Knowledgeable I found Larry to be very professional and knowledgeable. What I like best is his ability to keep me updated almost on a daily basis. I have enjoyed working with Larry and would highly recommend him to others.
Anice F — Sep 25, 2019
Excellent customer service Wonderful service. Know edge w Very helpful
Judy E — Jul 30, 2014
Informative & Professional I worked with Larry McAnarney and he was very informative and professional. Everything went smoothly with the reverse mortgage and I was very pleased with the transaction.
Mark G — Mar 27, 2019