Larry McAnarney
815-703-4745

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

NMLS# 21059 | 815-703-4745

Contact Me Request a Quote

Verified Reviews

(223)

Excellent Knowledge of His Product Larry excellent knowledge of his product, friendly personality, answers phone promptly, stays ahead of what should happen next. Highly professional and a pleasure to do business with through the whole process.

Preston & Bonnie S — Feb 9, 2024

High-Quality Service After discussing the reverse mortgage with my niece and being referred to you, I still had some hesitancy about going into the program. However, after speaking with you I became a little more at ease. With that being said, I would like to thank you for your time and expertise in processing my reverse mortgage. With your guidance during the process, you made it less overwhelming. Any questions I had you patiently answered them, so I understood. Thank you for your high-quality service.

Barbara T — Oct 24, 2024

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