Are you in the market for a new home? Maybe you are thinking of downsizing or moving closer to family. If you are 62 years or older, you should consider the options and benefits available with a HECM for Purchase loan. This program has recently become more affordable with the allowance of contributions based on the sales price from your home seller. A seller contribution up to 6.0% of the contract sales price is now allowed to include closing costs, the initial MIP insurance premium, and pre-paid costs.
Why should I consider a HECM for Purchase?
A HECM for Purchase will allow you to buy a new primary residence and get a Reverse Mortgage in one transaction. 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. The HECM for purchase loan program requires that the home purchased with a HECM for purchase reverse mortgage loan serves as the borrower's principal residence.
Call Jefferson Mortgage Group LLC today at 703 319-2198 for a HECM for Purchase Quote Package detailing all financial aspects of the loan including home valuation projections and a complete accompanied amortization schedule and counseling information.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. Reverse Mortgages in all of Virginia, Maryland, Florida and Pennsylvania.
Some restrictions apply: HUD counseling required prior to contract of sale, debt to income qualifications apply if you decide to retain your existing home, must be a new primary residence, applicable real estate taxes and homeowners insurance are required, down payment and closing costs required, must be FHA eligible property.