Reverse Mortgages for Home Purchase

Reverse Mortgages for Home Purchase

Purchase your dream home with no monthly mortgage payment!

Commonly known as a "reverse mortgage", the Home Equity Conversion Mortgage (HECM) is a government-insured loan that allows older homeowners to convert home equity into tax-free cash.* Perfect for borrowers who are downsizing or want to purchase a home without a monthly mortgage payment.

PROGRAM DETAILS

  • No┬ápayment option available*
  • HECMs are federally insured.
  • Same products, limits, LTVs, and rates as traditional mortgages
  • Excellent planning tool to fund retirement

THE FINE PRINT

  • Must be 62 years old, or older
  • Applies only to owner-occupied, primary residences
  • Mandatory HUD counseling
  • The homeowner is still responsible for property taxes, homeowners insurance, upkeep and any relevant condo fees.
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*Age-based assessment and other guidelines determine allowable equity ratios. Various payment and draw options available.