HECM (Home Equity Conversion Mortgage) Loan – also known as a Reverse Mortgage – can be an important financial option for seniors, their family members, and financial professionals to consider as part of an overall retirement planning strategy or to help meet cash flow needs.
Over the Past 50+ years the Reverse Mortgage has positively grown in popularity and has developed into an intelligent option to increase the financial independence for homeowners 62 years of age or older.
No Monthly Mortgage Payment*
Allows you to stay and age in the comfort of your home and maintain the title
Turn your home's equity into cash that you can access
The available funds from your Reverse Mortgage line of credit that are not used, is guaranteed to grow annually
A Non-Recourse Loan since it’s Federally Insured by FHA (Federal Housing Administration)
Single Family Residence
2-4 Unit Owner Occupied
Manufactured Home that meets FHA requirements
Condominiums as condos with FHA approval are also eligible.
Please answer a few quick questions to receive a personalized quote
Disclaimer: The borrower must meet all loan obligations, including living in the property as the principal residence and paying property charges, including property taxes, fees, hazard insurance. The borrower must maintain the home. If the homeowner does not meet these loan obligations, then the loan will need to be repaid
What is a Reverse Mortgage Purchase?
HECM (Home Equity Conversion Mortgage) for Purchase, otherwise known as a Reverse Mortgage Purchase allows home buyers age 62 years or older to Purchase an existing home or a new home from a Builder their home with a one-time investment of their own funds (typically from the sale of their previous home, or other retirement funds.
Essentially, you’ve purchased your new home with a one-time investment (Down Payment). This smaller one-time investment allows you to save money and reinvest the difference between your upfront cost and the full price of the home back into your savings or retirement, *while still having the benefit of no mortgage payment.
A typical one-time investment (Down Payment) will range from 45% to 65% of the purchase price. The down payment is determined by the appraised value or purchase price (whichever is less), the current interest rates, and the age of the borrower.
If you have any questions, or if you would like more information, please contact us today!
Why get a Reverse Mortgage Purchase?
Downsizing - Less cash out of pocket - the savings can be invested back into your savings or retirement.
Upsizing - Purchase a higher priced home with a limited investment
To purchase a home that will better suite your needs for comfort or physical needs, such as a one-level home with ramps, handrails, and wider doorways.
Financial peace of mind - there are no mortgage payments
Homesafe Loans: For certain HomeSafe® products only, excluding Texas and Utah. The HomeSafe reverse mortgage is a proprietary product of Finance of America Reverse LLC and is not affiliated with the Home Equity Conversion Mortgage (HECM) program. Not all HomeSafe products are available in every state. Please contact us for a complete list of availability.
Commercial Loans: Product not directly offered by Finance of America Mortgage LLC. See your advisor for details. Broker featured in this advertisement is not employed by Finance of America Commercial LLC and their affiliation with Finance of America Commercial LLC is limited exclusively to the commercial loan products they can offer through their broker relationship with Finance of America Commercial LLC.
Product offered through Finance of America Commercial LLC | Equal Housing Opportunity | NMLS ID# 1133465 | Product not offered in all states. | Loans are subject to investor and business credit approval, appraisal and geographic location of the property and other underwriting criteria. Loan amounts and rates vary depending upon loan type, LTV, verification of application information and other risk-based factors. Application fees, closing costs and other fees may apply. Borrowers are approved for a maximum exposure limit, based on their experience, liquid assets, net worth, and credit score. Each loan is subject to property approval under Finance of America Commercial terms and conditions. Each property has an individual secured loan. Loans made or arranged pursuant to a California Finance Lenders Law license.