HECM Reverse Mortgage for Purchase
What is a HECM Reverse Mortgage for Purchase Loan
A HECM Reverse Mortgage is an ideal tool for seniors looking to enjoy all the benefits of a Reverse Mortgage such as no principal and interest payments for life. With a Reverse Mortgage the equity in the home makes the payments and the borrower is only responsible for typical property expenses such as taxes, insurance and HOAs. Having a Reverse Mortgage has many of the same benefits of owning a home free and clear but without the cost.
Traditionally Reverse Mortgages are known to benefit people through refinancing their existing home but more and more people are using the Reverse Mortgage to either downsize into a smaller home or upgrade into a better home through purchasing.
Who is eligible for this loan?
Reverse Mortgages are reserved for families where at least one borrower is 62 years of age or older. With Reverse Mortgages there is a minimum equity requirement which is determined by the age of the borrowers, but other requirements such as income and credit are far more accomodating than standard forward mortgages; so even those who are on a fixed income or who may have gone through a bankruptcy or foreclosure in recent years may still qualify.
What are the benefits of this loan?
- Buy your dream home and live payment free for life
- Minimal Credit requirements