If you are 62 years or older, the Home Equity Conversion Mortgage (HECM) for Purchase loan may help you buy your next home without required monthly mortgage payments.
The HECM for Purchase product 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 you live in the home or what happens to your home’s value, you only make one, initial investment (down payment) towards the purchase.
Why Consider the Loan? No matter what your needs may be, a HECM for Purchase Loan may help you: • Eliminate monthly mortgage payments • Increase your purchasing power • Pay less upfront investment • Right size to a smaller, lower maintenance home • Buy a home closer to family or friends • Lower your cost of living during retirement • Enjoy carefree living in a senior housing community