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Do you know how a HECM (Home Equity Conversion Mortgage) for purchase can help you buy a new home?
If you are 62 or over and are concerned about qualifying for a new mortgage, a HECM may be the option you are looking for. Save your current assets and live the retirement you have planned with a HECM for purchase.
What is the HECM for purchase program?
It is a federally-insured reverse mortgage for seniors that allows you to buy a home without the required monthly mortgage payments. No need to put your retirement plans on hold. Now you can downsize, upsize, move closer to family and friends or move into a home more suited to your current or future needs.
A HECM for purchase home loan gives seniors 62 and older more liquidity for their individual use. With this program, there is no monthly mortgage payment required and it also does not require you to pay the entire amount of the home in cash. While you will still be responsible for taxes, insurance and any homeowner’s dues you will not have the burden of a monthly mortgage payment.
Lenox/WesLend Financial has helped many seniors successfully close a HECM for purchase loan. If you need assistance explaining to your real estate agent how this program works, please let us help you. Let our strong lending history and knowledge guide you to a more relaxing retirement. Call 888.595.3669 to get started.
Need more information on reverse mortgages? Find it here.