A Reverse Mortgage Lets You:
- Keep more money on hand to meet everyday bills and expenses
- Eliminate or reduce credit card balances or other debts
- Help with healthcare expenses
- Set aside funds to pay for future long-term care
- Make home updates, repairs, or modifications to help you live more comfortably
- Avoid making taxable withdrawals from 401(k) or other retirement plans by using reverse mortgage proceeds that are income tax-free*
- Establish a line of credit as a financial “safety net,” to prepare for unexpected expenses
- Or any other purpose
Questions you’ll want to consider before you apply for a reverse mortgage include:
- Do you need to tap into your home equity now, or can you save if for future needs?
- Are you on a fixed income, with no other assets?
- How long do you and your family plan to live in your home?
- Would your spouse want to keep living in the home without you?
A HECM for Purchase boosts your purchasing power, making it easier to afford the home you want or need without compromise – one that’s better suited for your physical needs, closer to family, or sunny Florida. If you are on a limited income and concerned about being able to afford a new home through cash purchase, traditional mortgage, or tapping into your savings, a HECM for Purchase could be a great option.
HECM for Purchase at a Glance
What is it?
A Home Equity Conversion Mortgage (HECM) for Purchase is a reverse mortgage designed for senior home buyers, allowing you to purchase a new home without having to make monthly mortgage payments*.
Who is eligible?
Homeowners, ages 62 and older
How does it help older homeowners?
* Borrower is responsible for property taxes, homeowner’s insurance, HOA and property maintenance in order for the loan to remain in good standing. A HECM is a home-secured loan that must be repaid upon default or a maturity event, such as when the home is sold, all homeowners have passed away, or the last surviving borrower no longer lives there as their primary residence.
HECM for Purchase at a Glance
What is it?
A Home Equity Conversion Mortgage (HECM) for Purchase is a reverse mortgage designed for senior home buyers, allowing you to purchase a new home without having to make monthly mortgage payments*.
Who is eligible?
Homeowners, ages 62 and older
How does it help older homeowners?
- Can help improve cash flow and preserve retirement assets
- Gives buyers more flexibility to afford the home they want or need
- Protects the estate from never owing more than the home is worth
* Borrower is responsible for property taxes, homeowner’s insurance, HOA and property maintenance in order for the loan to remain in good standing. A HECM is a home-secured loan that must be repaid upon default or a maturity event, such as when the home is sold, all homeowners have passed away, or the last surviving borrower no longer lives there as their primary residence.
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The Counseling Agencies List contains the agencies in Florida for the required counseling prior to doing a HECM (Home Equity Conversion Mortgage - known as a reverse mortgage) on your current home or a HECM for purchase. We are also happy to give you the list upon request.
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