What Is Reverse Mortgage for Home Purchase Program

Buy With a Reverse Mortgage. Seniors using this program must have the means to pay the difference between the sale price of the property plus settlement costs, and the maximum amount they can draw on the HECM. The maximum draw is based on the lower of the sale price, appraised value and FHA’s maximum loan amount.

Its unusual structure created a private capital buffer that allowed the mortgage. Programs, or TARP), Treasury officials.

What Is Reverse Mortgage for Home Purchase Program. Ask Kate about the Reverse Mortgage for Home Purchase Program: The FHA Home equity conversion mortgage (hecm) is most commonly used for refinancing. Featuring no monthly house payments, the program produces steady income for Senior homeowners. But few know that senior home buyers can also take advantage of the program.

One of the primary uses of a reverse mortgage is to pay off a mortgage or other property lien and therefore eliminate all payments associated with your home. By using a reverse mortgage to purchase a property instead of on a property you already own, you can bypass the need to ever have a forward mortgage.

The Home Equity Conversion Mortgage (HECM) for Purchase was created by Congress four years ago to streamline home-buying transactions and cut costs, says Peter Bell, president of the National.

A Home Equity Conversion Mortgage (HECM) for Purchase is a reverse mortgage that allows seniors, age 62 or older, to purchase a new principal residence using loan proceeds from the reverse mortgage. Real estate professionals who are interested in learning more about HECM for Purchase can download free resources from NRMLAonline.org

The HECM for Purchase is a Federal Housing Administration (FHA)-insured home financing program designed specifically for homebuyers who are age 62 and older. It’s specifically designed to help you get the funds you need to buy the home you want at this point in your life – with fewer financial worries and limitations.

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Seniors who are interested in buying a home need to consider the HECM reverse mortgage purchase program. If you are over the age of 62, you can buy a home with less than 40% down payment, and NEVER have to make a monthly mortgage payment.

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