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Is the HECM For Purchase Program for you?

hecm

You’re nearing retirement and looking for your forever home. You’re also looking to increase your well-being and security. You’ve heard about the Home Equity Conversion Mortgage (or HECM reverse mortgage) but wonder, “is it too good to be true?”. We’re here to tell you that the H4P isn’t too good to be true – it’s TRUE!

What is H4P?

The H4P mortgage allows homebuyers to receive funds from their lenders to finance approximately 50-60% of the purchase price of their new home. They are then freed from having to make regular payments after purchase, although they will be responsible for ongoing property taxes, homeowner’s insurance and home maintenance. Repayment is not necessary until the last surviving homeowner is no longer living in the home as their primary residence – either from selling or vacating the property or passing away.

So what’s the catch? You must be eligible for a federally insured H4P reverse mortgage. This includes being 62+ years old, be able to make a sizable down payment and finance the rest. Here are some further requirements needed to qualify for this safe program

  • A financial assessment to determine suitability.
  • Reside in the home for more than 6 months of each year.
  • Participate in a homeownership counseling session.
  • No minimum credit score required.
  • Federal debt including back taxes must be paid.
  • H4P is a first mortgage on title at time of closing.

Why H4P?

H4P provides you with the financial security you’re looking for in retirement. It provides flexibility, with NO monthly payments required. This will allow you to increase your reserve funds and liquidity. H4P also protects your heirs and is FHA insured, giving you peace of mind!
The amount of funds available will depend on your purchase price, age and interest rate. Use this calculator for an estimate of what you would qualify for and then give us a call! We’d love to inform, educate and pre-approve you as an H4P Buyer and start giving you the peace of mind you deserve.