Reverse Mortgages for Home Purchase
Purchase your dream home with no monthly mortgage payment!
Commonly known as a “reverse mortgage”, the Home Equity Conversion Mortgage (HECM) is a government-insured loan that allows older homeowners to convert homeequity into tax-free cash.* Perfect for borrowers who are downsizing or want to purchase a home without a monthly mortgage payment.
• No payment option available*
• HECMs are federally insured.
• Same products, limits, LTVs, and rates as traditional mortgages
• Excellent planning tool to fund retirement
THE FINE PRINT
• Must be 62 years old, or older
• Applies only to owner-occupied, primary residences
• Mandatory HUD counseling
• The homeowner is still responsible for property taxes, homeowners insurance, upkeep and any relevant condo fees.
*Age-based assessment and other guidelines determine allowable equity ratios. Various payment and draw options available.