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.
To learn more, contact me today to get your free H4P Buyer’s Guide.
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
L1467-Exp112018
Professional, Knowledgeable, Responsive Larry was terrific. Very professional, knowledgeable and responsive.
John & Carol L — Oct 27, 2016
Larry was Recommended to Me Larry McAnarney was recommended to me by a mortgage banker at Evanston Community Bank. When I called Larry, he was very helpful and insightful to set me in the direction in filling out all the documents needed to process the reverse mortgage. If anyone needs help in getting a reverse mortgage, Larry is the person to use
Mike & Gail M — Jan 19, 2022
Fast and Painless Process I still can’t believe how fast and painless the process was. During the reverse mortgage process Larry was easy to work with. He patiently responded to every question I asked him, day or night. Larry is very knowledgeable of the process and made it easy for us to understand. We always felt comfortable during the process and he made us feel like we were his only client. From initiation to closing we were completed in six weeks. We highly recommend Larry for reverse mortgage needs.
Richard & Jean A — Apr 29, 2020
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. RMF is a Licensed Mortgage Banker in the State of New York, but this loan originator and site are not authorized by the New York State Department of Financial Services. No mortgage solicitation activity or loan applications for properties located in the State of New York can be facilitated through this site.
© 2020 Reverse Mortgage Funding LLC, 1455 Broad St., 2nd Floor, Bloomfield, NJ 07003, 1-888-494-0882. Legal approval #L976-Exp042018, Company NMLS ID # 1019941. For licensing information go to www.nmlsconsumeraccess.org/?EntityDetails.aspx/?COMPANY/1019941. For California consumers: For information about our privacy practices, please visit www.reversefunding.com/privacy . Not all products are available in all states. Terms subject to change without notice. Certain conditions and fees apply. This is not a loan commitment. All loans subject to approval. For more information about Larry McAnarney go to https://local.reversefacts.com/larry-mcanarney-d5f3b06e35a1
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