Introducing the Home Equity Conversion Mortgage (HECM) for Purchase
A HECM for Purchase loan can provide the financing you need for the home you really want. The HECM for Purchase is a Federal Housing Administration (FHA)-insured* program that’s designed to help you buy the home that’s right for you at this point in your life—with fewer financial worries and limitations. (continued)
How does a HECM for Purchase work?
The HECM for Purchase program enables you to purchase a home by combining a one-time monetary investment of funds with your HECM loan proceeds. The home you are purchasing secures the loan. Unlike a traditional mortgage, with HECM for Purchase monthly mortgage payments are optional—which can boost your cash flow, and give you greater control over your finances. You continue to own the home, and the loan does not have to be repaid until you sell the home or no longer live there as your primary residence. As with any home-secured loan, you must meet your loan obligations: keeping current with property taxes, homeowners insurance and any homeowners association (HOA) fees, and keeping your home in good condition.
How do I qualify for a HECM for Purchase loan?
You can qualify for a HECM for Purchase if you are at least 62 years old and the new home will be your primary residence. Houses and most condos qualify. Your down payment must come from either the sale of a home or your other assets—not another loan. Some restrictions apply.
How can I learn more?
One simple phone call can help you understand more about the HECM for Purchase program. Learn your options, call today or click here to get more information!