If you’re a home buyer age 62 or older, there’s a program that can help you purchase your ideal retirement home. The following information will help you understand the details of the reverse mortgage for purchase program.
How can this program help you?
- Enables senior homebuyers to purchase a new primary residence and obtain a reverse mortgage in simultaneous transactions
- A HECM is the only mortgage that never requires a payment until you pass away or move out of your home – you will still be required to pay taxes, insurance, and maintenance
A HECM allows you to:
- Build a new customized home
- Purchase a primary residence suitable for your current needs
- Purchase a home in senior housing community
- Move into a new home that’s easily accessible with modern amenities
- Downsize to a smaller, easier-to-maintain home
- Relocate closer to friends and family members