Many retirees think that their homebuying options are highly limited if they’re on a fixed income. But there’s an option specifically for 62 and over homebuyers called the Home Equity Conversion Mortgage for Purchase (H4P) loan. If that sounds interesting to you, watch this quick video.
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If you’re 62 or older and feel your dream home is out of reach, consider a Home Equity Conversion Mortgage for Purchase (H4P) loan. Read on to see the pros, cons and other options.
This article delves into a recent MBA Newslink article by John McMullen, Senior Policy Specialist at the Mortgage Bankers Association, on the transformative power of the H4P (Home Equity Conversion Mortgage for Purchase) loan for homebuyers 62 and older.
Mary wanted to buy a new home and had the financial ability to do so, but wanted to have plenty of money left over for a rainy day. So she used a Home Equity Conversion Mortgage (HECM) for Purchase loan (H4P) through Fairway and couldn’t be happier with the results.
By using a HECM to purchase his house, Randy not only avoids monthly mortgage payments, he lives in home he really loves while creating a legacy for his son.