HECM for Purchase is the name of the FHA program which allows you to purchase a home using a reverse mortgage. Effective January 1, 2009, this program opened up a whole new world of possibilities. Whether to be closer to grandchildren or to enjoy an Adults-Only community with all the amenities they provide, many people decide to give up the “family home” to move on to the next phase of their lives.
We have had the pleasure of helping quite a few people do just that. One couple moved from the picturesque Napa Valley wine country back to the urban wonder of the Rockridge district of Oakland in order to help with their two grandchildren. We helped an Alameda woman relocate to Rossmoor and enabled her to keep most of the proceeds from the sale of her home. The main purpose of using a reverse mortgage to purchase a home is to be able to preserve part of your nest egg for future use instead of having an illiquid investment in the home.
Reverse Mortgage Counseling is required before applying for a reverse mortgage!
- The following properties are eligible for the HECM for Purchase: Single Family Residences, 2-4 unit properties, FHA Approved Condos and Townhouses. Some Manufactured Homes are also eligible.
- The down payment on a HECM for Purchase can easily be determined by giving me the borrowers date of birth and the purchase price of the home. Or if you know how much of a down payment you want to place I can let you know how much house you can buy with a reverse mortgage.
- There are many other important details you need to know so please contact me at 888-420-0111 to set up a time to discuss your options.
