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, there are no monthly mortgage payments, 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
Larry McAnarney
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-Patient-Flexible-Thoroughly Knowledgeable Our financial planner suggested we look into a reverse mortgage to free up extra assets to help us use them for vacations, anticipated and unanticipated expenes,while protecting current cash flow. Additionally, having a line of credit provides peace of mind that we will have the cash available to meet whatever the future holds. Larry provided the answers to our questions and pointed out the way the process works in a way we could understand and the pros and cons of the choices available relative to the costs associated with each choice, no hidden fees, and a clear understanding of our obligations. Larry helped us to consider family issues that might arise so we could determine what our goals are upon our passing for our children. He is professional, patient, flexible, and most of all thoroughly knowledgeable.
Bob V — Mar 31, 2017
Professional, Knowledgeable, Responsive Larry was terrific. Very professional, knowledgeable and responsive.
John & Carol L — Oct 27, 2016
Took Time to Explain Each Step Larry was very helpful and took time to explain each step and answer our many questions we had during the process. I would recommend him to my friends if they needed someone in his field. THANK YOU LARRY !!!
Phil & Georgia C — Dec 10, 2018
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.
© 2019 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 #0927682; 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; Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act; Loans made or arranged pursuant to a California Financing Law license; Texas Mortgage Banker Registration in-state branch address 6044 Gateway East, Suite 236, El Paso, TX 79905 (Branch NMLS 1244676); Not intended for Hawaii and New York consumers.