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Reverse Mortgage

Are you over 62 and thinking about buying a home that better suits your needs? A Home Equity Conversion Mortgage (HECM) for Purchase, also known as a reverse mortgage, could be the solution for you. This specially designed mortgage allows you to buy a home without any compromises.

One of the key benefits of this loan is that it only becomes due when the last borrower permanently leaves the home. Until then, you can decide to pay as much or as little as you want each month*. This flexibility can help you save more money every month, preserving your retirement assets, and giving you greater financial freedom.

What’s even better is that, unlike traditional mortgages, a reverse mortgage comes with a protection feature. This ensures that your estate will never owe more than the current value of your home. That’s a level of security that can provide peace of mind during your golden years.

So, if you’re considering a new home purchase, don’t let financial constraints hold you back. Look into a Home Equity Conversion Mortgage for purchase or refinance and explore the possibilities it can open for you.

A reverse mortgage is a loan that must be repaid. Repayment of a reverse mortgage during the borrower’s life is required if the borrower sells the home. Foreclosure may occur if the borrower lives somewhere other than the home longer than allowed by the loan agreement or does not pay property taxes or insurance premiums. A borrower must make payments for taxes and insurance during the term of the reverse mortgage. Costs may vary and less expensive options may be available. A reverse mortgage may affect eligibility for some government programs, ( SSI and Medicaid may be affected). To retain the home when the reverse mortgage becomes due, the borrower or borrower’s heirs or estate must pay the entire loan balance and the balance may be greater than the value of the consumer’s home. Not all borrowers will qualify. Not all existing loan types are eligible.

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