Mortgage Blog

Considering All Cash or Big Down Payment Purchase?

November 21st, 2014 | Retirement Planning, HECM Reverse Mortgage, HECM for Purchase, Reverse Mortgage

If you are in the market for a new home and considering an all cash offer or a large down payment you should consider the benefits of a HECM for Purchase.  This allows you to purchase a new home and establish a Reverse Mortgage in a single transaction.   You must be 62 years of age and the property must be FHA eligible to participate.  Diversify your funds and enjoy the benefits:

  •   Financial flexibility
  •   Buy the home you want with No Monthly Mortgage Payments
  •   The option to Sell or Retain your existing home
  •   Easy access to a non-recourse loan tailored for retirees
  •   Integrate your home as part of your retirement plan
  •   Improve your quality of life

This means that you have more flexibility to buy the home you want and deserve, and as the first of the month rolls around, you will not have to worry about the principal and interest payment that traditionally would be due your mortgage lender.

You will now be using your new home as more than just a roof over your head.  A new home with a HECM for Purchase will allow you to categorize your home as an integral part of your retirement plan.  You will have increased cash flow to supplement your retirement income that otherwise, with a traditional mortgage, would be due in a monthly mortgage payment.  You will also gain some estate planning benefits associated with a government insured Reverse Mortgage that will benefit your family and your estate in the event you have longevity and ultimately outlive your home equity.

Whether you are downsizing or moving closer to family, a big part of quality of life comes down to planning for it.  Put your money to work for you and learn the advantages of a HECM for Purchase and how you can live mortgage payment free.

George H. Omilan


NMLS# 873983

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Jefferson Mortgage Group LLC

2536 Leeds Rd.
Oakton, Virginia 22124
FAX: 703-773-6946
NMLS: 935554

Located in Fairfax County, Virginia. Serving all of Virginia, Maryland, DC & Pennsylvania. 


Jefferson Mortgage Group LLC is licensed in Virginia, Maryland, DC & Pennslvania.
Virginia State Corporation Commission License Number MC-5659 and the Pennsylvania Department of Banking & Securities #46259 
The DC Department of Insurance, Securities, and Banking License #MLB935554
Maryland DLLR License #21586

An Equal Housing Lender

By refinancing the consumer's existing loan, the consumer's total finance charges may be higher over the life of the loan.

This material is not from HUD or FHA and has not been approved by HUD or any government agency.