REVERSE MORTGAGE FOR PURCHASE
The HECM for purchase plan was passed by congress to help seniors buy a home without having to qualify for mortgage payments. Homeowners are able to keep more of their money and have no monthly mortgage obligations. When selling a larger home, a portion of the proceeds can be used as a down-payment toward a “right sized” home. The Reverse Mortgage for Purchase picks up the balance and seniors may enjoy lower home maintenance costs, less stairs to climb and an improved quality of life.
IS A REVRSE MORTGAGE RIGHT FOR YOU?
Perhaps your home is your largest asset and to exhaust the home’s equity with reverse mortgage seems imprudent. While it may not be for everyone, the purpose behind the government insured Home Equity Conversion Mortgage (HECM) is to keep seniors in their homes by allowing a portion of the equity to take care of them. The program is highly monitored with safeguards, however, not all HECM's are created equal. Our reverse mortgage specialist will meet with you and your family to hear your concerns and carefully structure a solution to maximize cash flow and preserve net wealth.