Have you every envisioned what your retirement would be like? Of course, we all have, especially as we enter or near retirement age. Well, many of us may dream of making a move during our retirement. Whether it’s to a sunny community down south or closer to family in the suburbs, there’s a financial solution for those age 62 or older that can help acquire your dream home.
What is a HECM for Purchase?A Reverse Mortgage or Home Equity Conversion Mortgage (HECM) for Purchase is an FHA-insured loan for those 62 or older. The HECM for Purchase enables seniors to purchase a new primary residence and obtain a reverse mortgage in a single transaction. This allows buyers to combine their reverse mortgage proceeds with either the proceeds from their current home sale or other assets, to purchase their new home and have no requirement monthly mortgage payments on the new property! They must still pay their property taxes, homeowners insurance, and maintain the conditon of the home.