HECM for Purchase Reverse Mortgage

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HECM for Purchase

  • A HECM for Purchase is a type of reverse mortgage that allows folks 62 years of age or older to purchase a home with no monthly mortgage payment.
  • A HECM for Purchase does not need to be paid off as long as you live in your home, pay your property taxes & insurance, and keep your home in good repair.
  • In most cases, there are no credit or income qualifications when purchasing a home using a HECM for Purchase, and you retain title to your home.
  • The HECM for Purchase program was developed as part of the Housing and Economic Recovery Act of 2008.
  • Every HECM for Purchase loan is government insured by the United State Department of Housing and Urban Development (HUD), offering added protection to HECM borrowers and lenders.
  • We work with trusted HECM for Purchase lending experts in order to get you the most competitive HECM quote.
  • Our number one goal is to save you time and money so you can get on your way to purchasing a new home using the exciting HECM for Purchase reverse mortgage program.
  • If you still have questions about how to purchase a home using a reverse mortgage please call one of our HECM for Purchase reverse mortgage experts toll free at 844-303-4656.
  • For more information about the HECM for Purchase program, visit the following resources:

    HUD’s HECM for Purchase Frequently Asked Questions

    The Mortgage Professor on Buying a House With a HECM Reverse Mortgage

    The FTC’s Consumer Information on Reverse Mortgages

Reverse Mortgage for Purchase

  • A Reverse Mortgage for Purchase, also known as a HECM for Purchase, is a mortgage loan that allows seniors age 62 and older to purchase a home with no required monthly mortgage payment.
  • When retirement income, savings and social security benefits are not providing you with enough revenue to cover your expenses, a Reverse Mortgage for Purchase may be a viable option.
  • If you are seeking financial freedom in order to enjoy your retirement years, a Reverse Mortgage for Purchase may be able to help.
  • Whether you are buying your first home or whether you’re looking to downsize, a Reverse Mortgage for Purchase may be a viable option.
  • Thousands of seniors have have benefited from the peace of mind achieved from using the government insured Reverse Mortgage for Purchase program.
  • There are no income qualifications or credit scores needed in most cases. Typically there are no out of pocket costs for reverse mortgage borrwers.
  • We do the hard work of comparing reverse mortgage lenders through our online quote system, saving you time and money. Let our technology and years of reverse mortgage experience work for you!
  • For more information about the Reverse Mortgage for Purchase call our national HECM for Purchase specialists at 844-303-4656 or fill out our free quote form now!
  • For more information about the Reverse Mortgage for Purchase program, visit the following resources:
  • Reverse Mortgage on Wikipedia

    The National Reverse Mortgage Lenders Association

    Federal Trade Commission Consumer Information

Reverse Mortgage Information

  • A Reverse Mortgage is a valuable financial tool that helps seniors 62 years of age and older reduce their monthly expenses, increase cash flow, and live a more comfortable retirement.
  • A Reverse Mortgage allows seniors to convert a portion of their home equity into a lump sum of cash, line of credit, or monthly income.
  • Unlike a traditional mortgage, with a Reverse Mortgage, there are no required monthly mortgage payments. Instead of paying the bank, with a Reverse Mortgage, the bank pays you!
  • In most cases, a Reverse Mortgage does not need to be paid off as long as you continue to live in your home, pay your taxes & insurance, and keep your home in good repair.
  • A Reverse Mortgage is required to be repaid when you sell your home, move out permanently, or pass away.
  • Reverse Mortgage proceeds are generally tax free and do not affect social security or medicare benefits.
  • Most of the time, a Reverse Mortgage does not have any credit or income verification or restrictions.
  • Since proceeds of a Reverse Mortgage are based upon the age of the youngest borrower and the appraised value, qualifying for a Reverse Mortgage is easy!
  • If you’d like to speak with an expert about the government insured Reverse Mortgage call our national Reverse Mortgage specialists at 844-303-4656 or fill out our free quote form now!
  • Hear about pros and cons from the Today Show’s Jean Chatzky

    Read more about Reverse Mortgages from the national experts

    Read Bankrate’s pros and cons worksheet