Understanding HECM for Purchase!

Welcome to Understanding HECM for Purchase!

Find the perfect home to retire too.

The kids are gone, I don't need a 5 bedroom, two story, but it's paid for.  Any options?

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Is Right Sizing in your future?

What is a Home Equity Conversion Mortgage or HECM for Purchase anyway?


In it's simplest terms, it is a loan used to finish paying for a home that is your primary residence after you've put up your down payment.  It covers the balance you don't want to pay for in cash.

Sounds just like a regular traditional (Forward) mortgage, with one notable exception.  You never ever have to make a monthly mortgage payment as long as you live in the home. 

What is the main purpose of the HECM for Purchase Loan Program?


The H4P is designed to help adults age 62+ use some of their funds to buy their next home with on initial cash investment (down payment) and pay for the balance with the proceeds of the H4P loan without having the burden of a monthly mortgage payment.

You must live in the home as your primary residence, pay your property taxes, keep your home insured for hazards, pay your HOA dues if applicable and maintain the home to FHA minimum standards.

Is Right Sizing to a lower maintenance, smaller home a part of your retirement plans?

Many of us "Active Adults" are grappling with these issues.  I don't need this two story home anymore.  I don't want the stairs or the maintenance.  I want to be closer to my family, grand kids, friends, or hobbies.  And I don't want another mortgage, my home is paid for.  

A Home Equity Conversion Mortgage for Purchase just might be the program that can help you achieve these goals.

HECM for Purchase Basics

Who's Eligible?


  • The youngest borrower on title must be at least 62 years of age
  • The home being purchased must be used as your primary residence and occupied within 60 days of closing
  • Eligible property types include attached and detached single family , 2-4 unit owner occupied, townhome's, FHA approved condominium's and manufactured homes on land legally classified as real estate.
  • Borrowers on title must complete a HUD approved counseling session.
  • Borrowers on title must meet the financial eligibility criteria as established by FHA guidelines.
  • Non-age eligible spouses can be on title.

What are the Loan Benefits?


  • This is a Non-Recourse Loan.  You never owe more than your home is worth, even if you owe more than the home is worth.  
  • The H4P eliminates the burden of a monthly mortgage payment for as long as you continue to live in the home.
  • Purchasing power increases as you can buy more home with the same investment.
  • Preserve your cash buying the same home with less cash invested.
  • You always retain ownership and stay on title to the home.
  • Your heirs inherit any remaining equity after the loan is paid off at your passing.
  • Fixed rate or adjustable rate options with capped rate ceilings are available

What are the Safeguards for the Senior?

  • Benefits Insured by the U.S. Government's Mutual Mortgage Insurance program.
  • Borrowers are required to attend a counseling session with an independent HUD certified housing counselor.
  • All loans are approved by a FHA authorized Underwriter.
  • Borrower must pass new Financial Assessment guidelines to assure that property taxes, hazard insurance and maintenance will not be a burden for the homeowner.
  • Funds can be designated with the Life Expectancy Set-Aside provisions to pay for future property taxes, hazard insurance, and maintenance pre-funded at closing.

"Home Equity Conversion Mortgages, the Essentials"

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I truly enjoy meeting and getting to know my clients and their families, so feel free to visit during normal business hours or I can come to you.  Just give me a call to set up your appointment. 

David A. Weaver, NMLS# 228406

Scottsdale, Arizona 85255

Call Us Toll Free - 877-410-0783 x 4

The Legal Stuff

You should always consult with your tax adviser, financial planning professional, or real estate professional. You must continue to live in the home as your primary residence.  The payment of property taxes, homeowner's insurance, HOA dues (if applicable) and general maintenance of the property is required.  If you don't adhere to the terms and conditions of the loan contract, it could result in the loan being called due and payable, which could ultimately lead to foreclosure.  A HECM aka reverse mortgage is a home loan, secured by real estate, and is not a government benefit.  

By providing the requested information and clicking "Please Rush My Free Report" and "Rush My Free Copy", you are providing your express consent to receive contact from David A Weaver at the number you provided regarding products or services via Live Telephone Call, Text Message, or Email.  You understand that you are not required to enter into this agreement as a condition of the loan and that you can revoke this consent at any time.

These materials are not from HUD or FHA and were not approved by HUD or a government agency.  Home Equity Conversion Mortgage loans aka HECM are neither endorsed nor approved by the federal government. The Federal Housing Administration (FHA) issues the guidelines and provides certain insurance benefits for lenders and borrowers in connection with the lender’s Home Equity Conversion Mortgage aka HECM mortgage loans.  HUD and the FHA are not lenders and do not make or originate loans.