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
Great Service Larry McAnarney was great to work with. The whole process was fast and easy to understand. I had to assist my mother with this process due to my father's ailing health. I know that my dad would be very happy with the choices we made and the service that was provided to us by Larry.
Amy D — Jan 29, 2014
Professional, Thorough, and Patient My husband and I found Larry McAnarney professional, thorough, and patient with our many questions. We found his detail unfailing and appreciated his rapid, meticulous responses and on-time arrivals in the most challenging weather
Daniel & Lisa W — Mar 1, 2019
Very Happy With My Decision My experience with Larry was just wonderful. He was available for all my questions and had all the answers, I am very happy with both my decision to obtain a reverse mortgage and that Larry was the representative I chose to work with. If anyone would ask me about a reverse mortgage I would not hesitate to give them Larry's name.
Burton Y — Jul 24, 2017