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, 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

Verified Reviews

(63)

Reverse Mortgage Purchase Program Larry was a great help in helping my mother purchase her new home using the reverse mortgage purchase program. Part of my mother's income comes from French pensions and needed additional verification/proof which was not easy - but Larry was readily available to help simplify the process and explain the details. I would definitely recommend using Larry for anyone looking into getting a reverse mortgage. He is straightforward and trustworthy. Thanks again!      

Olivier D — Mar 14, 2018

Pleased with the service I want to let you know I am very pleased with the service I received from Larry McAnarney. He was very polite and answered fully any questions I had. I am really happy I got to do business with him.

Gerry E — Jun 21, 2016

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

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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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