We can help you buy your home!

Baby Boomers are the fastest-growing demographic group in the U.S. and they’re changing the face of the reverse mortgage industry by selecting reverse mortgages in
greater numbers than their elders. And now, this HECM Purchase program allows them to purchase a new principal residence using loan proceeds from the reverse mortgage.

Our clients will enjoy the following benefits:

• FHA-insured loan- client’s loan and home are safe
• Non-recourse loan -This means, there is no recourse to the borrower, their estate or heirs if the HECM loan balance exceeds the home’s value at maturity as long as the borrower or their estate sell the property to pay off the debt. If the borrower or their estate want to retain the property, the balance must be paid in full. Any equity remaining in the property after the reverse mortgage is retired belongs to the borrower or their estate.
• No monthly mortgage payments- cash flow is preserved
• Senior enjoys just one set of closing costs
• Potentially allows client’s additional savings for retirement needs
• Homeowner retains title

Eligible Properties:

• Single Family
• 1-4 Unit Properties (Duplex, Triplex or Fourplex)
• Some Manufactured Homes
• FHA Approved Condominiums and Townhouses
• Newly Constructed properties must have Certificate of Occupancy (C.O.)

Qualifications:

• Homeowner must be 62 years old or older.
• No second/vacation or investment home.
• must have considerable home equity or must provide monetary investment at closing from allowable funding source.
• Home meets minimum  FHA property standards.
• Occupy property as primary residence within 60 days
• Mandatory Counseling session.
• Taxes & home insurance paid by client and cannot be escrowed.

Powerful features of this program:

• Downsize for more affordable living.
• Relocate to be closer to family.
• Purchase a single level, more accessible home.
• Buy or sell a condo.
• Purchase a more expensive home without incurring a monthly mortgage payment.

 

This program available in the State of Florida and some other states.

FHA_Insured program for buyers 62 and over.

This is a NOT a credit qualification program.
This is a NOT an Income qualification program.