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HECM Reverse Mortgage, the Statistics Surrounding their Use to Buy a New Home
The statistical significance of using a HECM for Purchase to buy a new home is almost nil relative to the prominent use of a traditional HECM Reverse for refinancing. There are several reasons the HECM for Purchase is rarely used. Heavy down payment at 40-50% of the sales price.FHA does not allow any seller contributions as part of the sales contract.Sellers are also not allowed to make any repairs or other contributions to the transaction.Buyers must complete HUD CounselingCosts can be higher at max MIP insurance levelsThe opaque nature of the program often leaves realtors and buyers...
October 13th, 2016 | Retirement Planning, Reverse to Purchase Mortgage, Seniors, Reverse Mortgage, HECM Reverse Mortgage, HECM for Purchase, HECM Reverse Mortgage, the Statistics Surrounding their Use to Buy a New Home
9 surprising ways to use a Reverse Mortgage
I've talked about all of these uses of Reverse Mortgages over time in my blog....from the obvious paying off mortgages to delaying social security, or buying a new home with a reverse mortgage, . Only one I haven't been exposed to is the "Gray Divorce Strategy'. Good article from Investment News. See our Practical Applications page for the many uses of a Reverse Mortgage. George H. Omilan President-CEO - NMLS# 873983 Jefferson Mortgage Group LLC Helping seniors with Reverse Mortgages in Virginia, Maryland, DC and Pennsylvania.Questions/C...
June 24th, 2016 | supplemental retirement income, Social Security, Retirement Planning, Reverse to Purchase Mortgage, HECM Reverse Mortgage, Long Term Care, Financial Planning, HECM for Purchase, 9 surprising ways to use a Reverse Mortgage
HECM for Purchase - Buy a Home and get a Reverse Mortgage in one transaction
Achieve diversification, increased liquidity, and financial peace of mind by using a HECM for Purchase to buy a new primary residence. Instead of solely focusing on downsizing as we age why don’t we expand on this thought and make it a financial strategic transaction as well. Many people, as they retire, think that buying a home with all cash is the safest and possibly only answer. This may limit your ability to buy the home that is the best fit for you. It may be a better option to utilize a HECM for Purchase so you don’t have a large percentage of your cash tied...
August 11th, 2014 | HECM Reverse Mortgage, HECM for Purchase, HECM to Purchase, Retirement Planning, Reverse Mortgage, Reverse to Purchase Mortgage, Retirement income insecurity, HECM for Purchase - Buy a Home and get a Reverse Mortgage in one transaction
HECM for Purchase
Statistics show a large number of home buyers paying cash for homes. Is this the best strategy for retirees and older active adults? Many people, regardless of their age, have been having difficulty obtaining a mortgage. Once a mortgage has been granted, there is a monthly mandatory payment requirement. This creates risk.In October 2008, FHA introduced a new innovative type of loan called HECM for Purchase. Very few people are familiar with this loan. This is a government insured non-recourse, non-qualifying loan for home buyers 62+ that allows them to buy a ...
March 21st, 2014 | FHA, Government insured mortgage, Reverse Mortgage, Retirement Planning, Reverse to Purchase Mortgage, HECM Reverse Mortgage, HECM to Purchase, HECM for Purchase, HECM for Purchase
American Senior-HECM Reverse Mortgage to Purchase a New Home. Dig Deep and Eliminate Income Insecurity without Sacrificing your Ambition
With the constant struggle for everyone in this low interest rate environment we all have to work smarter, not harder to achieve our goals. This is especially true for retirees that no longer earn wages from employment and have to make due with income from Social Security and their savings. In spite of this challenge, opportunity and flexibility are still abound if you know where to look. Allow me to introduce you to a HECM for Purchase mortgage. Most people have never heard of this and they immediately assume there is some mechanism of refinancing their existing home to bu...
January 11th, 2013 | Reverse Mortgage, Retirement Planning, Annuity, supplemental retirement income, Reverse to Purchase Mortgage, Retirement income insecurity, American Senior-HECM Reverse Mortgage to Purchase a New Home. Dig Deep and Eliminate Income Insecurity without Sacrificing your Ambition
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