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 (H4P) 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 about 29% 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, there are no monthly mortgage payments 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, in order for the loan to remain in good standing they must maintain the property, and keep current with property-related taxes and insurance payments.
|*||The amounts displayed are for illustrative purposes only. Actual down payment amounts may vary based on interest rate and other factors. Please contact us for details about credit costs and terms.|
To learn more about how an H4P can be a key ingredient in helping more home shoppers become buyers, please contact me.
HECM Loan Specialist, NMLS #21059
Call 815-703-4745 | email@example.com
Very Professional from Start to Finish!! With little or no knowledge about the details involved in a reverse mortgage, I set out to find a company I could TRUST to help me make the best decisions on my Moms behalf of receiving a source of a supplemental income. I was referred to Larry McAnarney by a friend. I contacted Larry and he replied to my email in a timely and VERY professional manner. After speaking with him on the phone with my list of questions I felt very confident that this was the person I would be dealing with from here on out. His response time to my calls and emails was beyond excellent when it comes to customer service. I would highly recommend Larry to anyone who is looking into the possibilities of a Reverse Mortgage. I would have given Larry a SIX star rating if I could.... but, a five star will have to do for now.
Alicia F — Feb 20, 2015
Larry Provided Quick and Accurate Information Larry was great to work with. He kept us informed by telephone and returned our emails promptly. He was considerate and courteous at all times. His experience was greatly appreciated in our complex matter. He was able to provide quick and accurate information resolving the issues. We would be very happy to recommend Larry. We want to thank you again for all your hard work!!!
Tito & Linda N — May 23, 2017
Thank You, Larry! Larry McAnarney is our reverse mortgage loan specialist. He did an excellent job of explaining the reverse mortgage programs, the process, requirements, how the monies would be accessed if approved. He followed up with me multiple times before I made the decision to proceed which I really appreciated. He assisted me in wading through all of the requirements in the application process. He was always available for a question either by email or phone. He was always encouraging and optimistic about our chances for success. He was helpful and very clear as to all the documents I needed to prepare and always allowed me a reasonable amount of time to comply. As our house is in trust there were further "hoops to jump through." Larry truly went above and beyond the call of duty on our behalf with the underwriters. I have no doubt that his extra hard work won the approval of our reverse mortgage. I couldn't recommend him more highly. He has my thanks!
Jacquelyn W — May 6, 2015