If you choose to use a HECM for Purchase when you downsize, you can eliminate all monthly mortgage expenses. Homeowners who are interested in downsizing can often generate enough money from the sale of their property to easily pay the larger down payment required for a HECM for Purchase transaction as well as for the ancillary costs of moving.
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Until the industry places greater emphasis on Realtor education and connections , Home Equity Conversion Mortgages for Purchase are not.
You can also use a HECM to purchase a primary residence if you are able to use cash on hand to pay the difference between the HECM proceeds and the sales price plus closing costs for the property you are purchasing.
With a HECM for Purchase, you can purchase a home by combining a one-time investment of your own funds (down payment) with loan proceeds from a Home Equity Conversion Mortgage (HECM) to complete the transaction. As with a traditional "forward" mortgage, the home you are purchasing secures the loan.
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A Home Equity Conversion Mortgage (HECM) for Purchase is a reverse mortgage that allows seniors, age 62 or older, to purchase a new principal residence using loan proceeds from the reverse mortgage.
There Are Some Differences Between A HECM For Purchase And A Traditional HECM For Seniors. The major differences concern the property types that are eligible, the cash required at closing, the involvement of a Real Estate Agent in the loan process, the recommendation of a professional home inspection, and certain closing costs.
“Or we want to be closer to our grown children and our grandchildren.” That’s where the HECM for Purchase comes in, Kass says, laying out a quick summary of the program qualifications before listing.
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While each allows you to buy a home that fits your current needs without having to take on mortgage payments, the HECM for Purchase has a cap of $726,525 while the HomeSafe for Purchase provides for much higher loan amounts up to four million dollars.
Liberty home equity solutions announced recently the hiring of Bill Thomas as its national Home Equity Conversion Mortgage (HECM) for Purchase manager, effective July 22. As manager, Thomas will head.