The Baby Boom generation represents an important opportunity for real estate professionals to serve a rapidly growing market of people who are motivated to sell their current homes and buy a different one for retirement — one that’s “right-sized,” and may be closer to friends and/or family.
Our Home Equity Conversion Mortgage (HECM) for Purchase home financing solution can make it easier for people age 62 and older to buy a home that better fits their retirement needs and wants.
How it works: Buyers can purchase a home by combining a one-time investment of their own funds (a down payment of typically about 45% to 62%, depending on borrower age) with loan proceeds from a HECM. (This down payment range assumes closing costs will be financed into the loan.) As with a traditional “forward” mortgage, the home they purchase secures the loan. But unlike a traditional mortgage, monthly mortgage payments are optional while they own and live in the home as their primary residence — making buying a new home even more attractive.
As with any home-secured loan, the borrower must meet their loan obligations, keeping current with property taxes, insurance, maintenance, and any homeowners association fees.
To learn more about how this powerful financing option can be a key ingredient in helping more home shoppers become buyers, or to discuss a marketing strategy for this unique audience, please contact me.
Buying a home video? WATCH: How a Home Equity Conversion Mortgage for Purchase works
To learn more, contact me today to get your free H4P Buyer’s Guide.
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, Knowledgeable, Responsive Larry was terrific. Very professional, knowledgeable and responsive.
John & Carol L — Oct 27, 2016
Very Comfortable with my Decision I was a little nervous when I decided I wanted to look into a reverse mortgage. Had no idea where to begin, so went to a bank and they gave me Larry McAnarney's name. Thank goodness they did! Larry was absolutely wonderful. He was polite, answered all my questions and walked me through the process and was very patient with my questions. I then spoke with a reverse mortgage counselor who was also wonderful. She knew her business, took her time with me, answered all my questions and advised me. I was no longer nervous. I also had a notary who came and closed the reverse mortgage loan and he was very nice, took his time and walked me through the closing. All three people were very knowledgeable about reverse mortgages, both pros and cons, and I felt very comfortable with my final decision to go through the process. The entire process was not uncomfortable for me because all three had taken the time I needed for me to feel comfortable with my decision. I was very happy with the outcome and for the patience of all three individuals. Yes, I would recommend Larry McAnarney to anyone interested in a reverse mortgage.
Diane F — Jul 22, 2014
Very Thoughtful and Professional Larry is a very thoughtful and professional person. He carefully and with great patience took me through the process and gained my respect and trust. Always available and always following up, without the sales push and aggressiveness of other companies I talked with. Great person to work with and I highly recommend him
Javier I — Feb 13, 2018