Your reverse mortgage will depend on several factors:
•Your age
•Your appraised home value
•Current interest rates
•Amount of equity in home
Since each senior’s situation is unique, it is important that you talk to someone you can trust when exploring your available options or to just get answers. Our loan officers have many years of experience in the reverse mortgage market. Our loan officers are very detailed in explaining the product to our clients and discussing the customized options for each client’s situation. Clients continue to express appreciation for our team’s hard work and making the process simple for them as the borrowers. Jump on over to the Meet Our Team page and you can learn more about our loan officers and how to schedule an appointment with them.
HECM Made Easy
What is it?
A Home Equity Conversion Mortgage (HECM) for Purchase helps you purchase a primary residence using a Home Equity Conversion Mortgage. It could be the solution you’re looking for whether you want to move to a new neighborhood, a more accsible home, or one that’s “right-sized” for your needs.
Program Specifics
Available to homeowners 62 and older
You purchase the home you desire using a Home Equity Conversion Mortgage
Your loan is government insured, adding a measure of safety and security
One transaction with one closing simplifies the process
Minimal income and credit score requirements
Homeowner remains solely on title
Fixed rate and adjustable rate options available
Since there are no required mortgage payments, you could free up money for other things
Best of all, you enjoy all of these benefits and still own your home.
How Does It Work?
You may qualify to purchase your new home with a one-time payment ranging from 44% to 55% of the new home’s purchase price.
Here’s How the HECM purchase program works:
Step 1: Gary and Ann are 65 and recently sold their home for @250,000. They found a new home near their family for $300,000.
Step 2: Together, we determine that a HECM could help provide the loan proceeds needed to purchase their new home.
Step 3: Gary and Ann combine the HECM proceeds with the $150, 000 from the sale of their previous home to purchase their new home for $300,000 - with NO monthly mortgage payments. They have $100,000 cash remaining from the sale of their previous home.