Buyers looking to get that special retirement home

If you are 62 Years and Older there maybe a way of getting you into that dream home
​and eliminate your monthly mortgage payments

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What is the Home Equity Conversion Mortgage (HECM) for purchase? ​

•  An FHA-insured reverse mortgage loan 
• Enables home buyers, at least 62 years of age, to purchase a new primary residence and obtain a reverse mortgage loan in ​simultaneous transactions and have no monthly mortgage payment 
• Allows buyers to combine reverse mortgage loan proceeds with a down payment from their current home sale or other assets,​to purchase a new home ​

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How can it help senior home buyers? ​

Purchase a new home without the required monthly mortgage payments of a traditional mortgage 

• Purchase a primary residence suitable for your current needs 
  
• Purchase a home in a senior housing community 
  
• Move into a new home that’s easily accessible with modern amenities 
  
• Downsize to a smaller, easier-to-maintain home 
  
• Relocate closer to friends and family members 

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Here is an example of reverse mortgage as provided by John Reardon,
​Reverse Mortgage Specialist of Community Mortgage Solutions:

This example is for a 65 year old buyer:

A home listed at $ 239,900: 
​
if you were 65 years old you would only have to bring $99,842.85 to the closing table to buy a home at this price and not have a monthly mortgage payment as long as you live there as your primary residence. 

(Property Taxes and Home Insurance not included)

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As State licensed real estate professional's we work with many other providers of services for the home owner, seller and buyer.

We have contact information on several of the most knowledgeable service providers around today.

If you are interested in finding out more about these services
​please contact us we will be happy to put you in touch with these providers.