A Home Equity Conversion Mortgage (HECM) for Purchase helps seniors buy a home without monthly mortgage payments!¹
The HECM for Purchase is a Federal Housing Administration (FHA)-insured home loan that allows seniors to use the equity from the sale of a previous residence to buy their next primary home in one transaction. Regardless of how long the borrower lives in the home or what happens to the home's value, the borrower only make one, initial investment (down payment) towards the purchase.
No matter what the need, a HECM for Purchase may help:
¹ The borrower will be responsible for paying property charges, including homeowners insurance, taxes, and maintenance of home for the term of the loan.
For more information about whether or not a HECM is right for you, contact our Reverse Mortgage Advisor: