Purchase your new residence with a HECM for Purchase loan!
A HECM for Purchase is a reverse mortgage loan that allows the purchase a new principal residence using loan proceeds from a reverse mortgage.
With flexible repayment features that the borrower can choose from, they can repay as much or as little as they like each month, or make no monthly principal and interest payments at all. As a result, the flexible repayment feature may make it easier for a buyer to afford the home they really want and improve cash flow by using cashing out equity in the home purchased.
You may already know that as with any mortgage, the borrower must keep current with property-related taxes, insurance and maintenance as part of their ongoing loan obligations. Repayment is generally required once borrowers sell the home, pass away, move out, or fail to meet their loan obligations. Foreclosure is possible if the borrower fails to comply with the conditions of the loan.
Give us a call to schedule an in-home reverse mortgage consultation or just find out what you qualify for.
(800) 779-1020
Important Disclosure
(1) the borrower remains responsible for property taxes, hazard insurance and home maintenance, and failure to pay these amounts may result in the loss of the home; and
(2) charges will be assessed with the loan, including an origination fee, closing costs, mortgage insurance premiums and servicing fees;
(3) the loan balance grows over time and interest is charged on the outstanding balance;
(4) at the conclusion of a reverse mortgage, the borrower must repay the loan and may have to sell the home or repay the loan from other proceeds;
(5) interest on a reverse mortgage is not tax-deductible until the borrower makes partial or full re-payment.
5 Important Things To Understand As You Consider A HECM Reverse Mortgage Loan
1
At the conclusion of a reverse mortgage, the borrower must repay the loan and may have to sell the home or repay the loan from other proceeds.
2
Charges will be assessed with the loan, including an origination fee, closing costs, mortgage insurance premiums and servicing fees.
3
The loan balance grows over time and interest is charged on the outstanding balance.
4
The borrower remains responsible for property taxes, hazard insurance and home maintenance, and failure to pay these amounts may result in the loss of the home.
5
Interest on a reverse mortgage is not tax-deductible until the borrower makes partial or full repayment.