Finance the Purchase of Your Dream Home — No Monthly Mortgage Payments Required!*
Finance the Purchase of Your Dream Home — No Monthly Mortgage Payments Required!*
*Just Pay Property Expenses, Such as Taxes and Insurance
Here’s How: Purchase your dream home with a down payment as low as 45%-75%** of the price and finance the rest with a Home Equity Conversion Mortgage for Purchase (H4P) loan.
Most reverse mortgages are Home Equity Conversion Mortgages (HECMs), the only reverse mortgages insured by the Federal Housing Administration (FHA). This webpage discusses HECM loans.
Boost Home Purchasing Power
Experience greater purchasing power to acquire the home you desire..
No Monthly Mortgage Payments
You still must pay property-related taxes, insurance and upkeep expenses.
You Own Your Home
You remain on title and own your new home so long as you meet the loan obligations.
Secure Your Dream Home in Retirement
Imagine more affordably purchasing a new home that is:
Despite the potential benefits, many older-adult homeowners hesitate to move for various reasons, including not wanting to take on a new monthly mortgage payment in retirement.
Here’s the good news: You might qualify for a Home Equity Conversion Mortgage (HECM) for Purchase, a reverse mortgage loan insured by the FHA, explicitly designed for homeowners 62 and over.
Preserve Your Financial Flexibility
Despite the potential benefits, many older-adult homeowners hesitate to move for various reasons, including not wanting to take on a new monthly mortgage payment in retirement.
Or, with an H4P loan, you can free yourself from the burden of monthly mortgage payments, where you’ll only need to put down 45%-70% of the purchase price,** freeing up more of your funds for other uses. You just need to live in the home and pay essential property charges like taxes and insurance.
By preserving more of your assets and cash flow through an H4P loan, you may be better equipped to navigate retirement risks such as soaring inflation and unexpected expenses.†
Generally Easier To Qualify for Compared to a Traditional Mortgage
Compared to traditional mortgages, H4P loans are generally easier to qualify for, with no minimum credit score requirements and a primary focus on the capacity to pay ongoing property charges.
Customer Testimonial: Using a HECM for Purchase To Buy the Home You Really Want
Articles About Reverse Mortgage Loans and Freeing Up Cash Flow
10 Reasons For Older Adults To Use a HECM for Purchase (H4P) Loan To Buy Their Next Home
How Seniors Could Double Their Home Buying Power — Despite High Interest Rates
5 Pros and Cons of Buying Your Next Home With a Reverse Mortgage Loan
Why Fairway Independent Mortgage Corporation?
Schedule an Appointment with Me Today!
Call me or complete the form below to get a free consultation. Let’s explore if leveraging the power of an H4P loan is right for you.
†This material does not constitute tax advice. Please consult a tax advisor regarding your specific situation.
*Source: https://www.cbsnews.com/news/best-reverse-mortgage-companies-2023/
**The required down payment on your new home is determined on a number of factors, including your age (or eligible non-borrowing spouse’s age, if applicable); current interest rates; and the lesser of the home’s appraised value or purchase price