Understanding HECM for Purchase!
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.
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.
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.
To receive your complementary copy of this informative booklet, that will define "What is a HECM mortgage?" and answer the question, "How does a HECM for Purchase mortgage work?", just enter your email address below.
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.
Scottsdale, Arizona 85255
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.