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
A Pleasure to Work With Larry was a pleasure to work with. He was very knowledgeable, pleasant, and patient with our endless questions and phone calls. He kept us updated with the next steps both by email and phone as well as providing us with a packet of information which helped us understand the reverse mortgage process. We would certainly recommend him to anyone considering a reverse mortgage
Bud & Betty C — Dec 5, 2018
Let US Set the Pace Larry gave us his all and let US set the pace. Answered all our questions and concerns that came up. Very knowledgeable and showed true interest on our behalf. If anyone ever considers a Reverse Mortgage....call Larry! I know I'll be referring him!
Mike & Leslie H — Mar 11, 2019
Larry Was Very Personable Larry was a very personable representative and was always willing to answer any questions that were asked of him. It’s not always easy dealing with the elderly and he is more than patient with us all!!! Thank you Larry
Lisa B — Dec 21, 2019