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

(193)

Very Professional Larry answered all of our questions and returned all our calls promptly. He did not pressure us in any way. As a financial professional myself, I would recommend Larry highly.      

Roy & Elaine P — Jan 19, 2018

Larry is Extremely Professional Larry was extremely professional. He was able to answer all questions -- very knowledgeable and patient. I would highly recommend Larry to anyone considering a reverse mortgage    

John L — Dec 27, 2019

We Felt Very Secure Larry was very professional. We had many questions. He took the time to answer each one and a few more than once. We felt very secure we were making the correct choice for us. Thank you Larry Dave B    

Dave B — Aug 31, 2016

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