Did you know there’s a financing option specifically for homebuyers who are age 62 and older, which can help you get the funds you need to buy the home you want?
With HECM for Purchase, you can buy a home by combining a one-time investment of your own funds (down payment) with loan proceeds from a Home Equity Conversion Mortgage to complete the transaction. As with a traditional “forward”mortgage, the home you are purchasing secures the loan.
However, unlike a traditional mortgage, monthly mortgage payments are optional, which can help increase your cash flow. You own the home as long as you live in it. The loan does not have to be repaid until you sell the home or no longer live there as your primary residence. As with any mortgage, you must meet your loan obligations, keeping current with property taxes, insurance, maintenance and any homeowners association (HOA) fees.
The cash required (down payment) typically ranges from 45% to 62%, depending on your age. (The older you are, the more reverse mortgage proceeds you can receive.) This down payment range assumes closing costs will be financed into the loan.
Call me today and see why HECMs are a loan for life.
† This material has not been reviewed, approved or issued by HUD, FHA or any government agency. The company is not affiliated with or acting on behalf of or at the direction of HUD/FHA or any other government agency.
* RMF currently does not solicit or originate in Spanish
RMF is a Licensed Mortgage Banker in the State of New York, but this loan originator and site are not authorized by the New York State Department of Financial Services. No mortgage solicitation activity or loan applications for properties located in the State of New York can be facilitated through this site.
Loan Originator is engaged in loan origination activities on behalf of RMF and does not function independently as a Mortgage Banker.
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Not all products and options are available in all states. Terms subject to change without notice. Certain conditions and fees apply. This is not a loan commitment. All loans subject to approval.
TEXAS CONSUMERS WISHING TO FILE A COMPLAINT AGAINST A MORTGAGE BANKER OR A LICENSED MORTGAGE BANKER RESIDENTIAL MORTGAGE LOAN ORIGINATOR SHOULD COMPLETE AND SEND A COMPLAINT FORM TO THE TEXAS DEPARTMENT OF SAVINGS AND MORTGAGE LENDING, 2601 NORTH LAMAR, SUITE 201, AUSTIN, TEXAS 78705. COMPLAINT FORMS AND INSTRUCTIONS MAY BE OBTAINED FROM THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV. A TOLL-FREE CONSUMER HOTLINE IS AVAILABLE AT 1-877-276-5550. THE DEPARTMENT MAINTAINS A RECOVERY FUND TO MAKE PAYMENTS OF CERTAIN ACTUAL OUT OF POCKET DAMAGES SUSTAINED BY BORROWERS CAUSED BY ACTS OF LICENSED MORTGAGE BANKER RESIDENTIAL MORTGAGE LOAN ORIGINATORS. A WRITTEN APPLICATION FOR REIMBURSEMENT FROM THE RECOVERY FUND MUST BE FILED WITH AND INVESTIGATED BY THE DEPARTMENT PRIOR TO THE PAYMENT OF A CLAIM. FOR MORE INFORMATION ABOUT THE RECOVERY FUND, PLEASE CONSULT THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV.