Using a Reverse Mortgage (Home Equity Conversion Mortgages-HECM) for Purchasing a Home
This loan program is government insured and is called HECM for Purchase. HECM stands for Home Equity Conversion Mortgage, also known as a Reverse Mortgage. This program allows buyers to combine a down payment with loan proceeds to purchase a new home and NEVER make a monthly loan payment as long as they live in the home.
- The title to the home you purchase will be in your name, just as with any other mortgage. The Bank does not own your home.
- You will still be responsible to pay the Taxes, insurance, HOA dues, if any, and maintain your home, just as with any other mortgage
- The HECM for purchase loan often doubles your purchasing power.
- Easy to qualify for with lower credit requirements, you must show that you have financial resources to continue to make timely payments of ongoing property charges such as property taxes, insurance and homeowner association fees, if any.
- If there is a downturn in real estate values, there is NO personal financial liability for the buyer(s), their heirs or estate, for any loan balance that exceeds the value of the home when it is being sold.
- The most important feature of this type of loan is that there are NO required monthly loan payments.
Lynn Chase is a licensed Colorado Mortgage Loan Originator (number 100014632) and Nationwide Mortgage Licensing System number 1651156.
Lynn is the founder and broker-owner of The Commercial Loan Arranger, LLC, licensed by the State of Colorado, and is doing business under the registered trade name of the Age In Place Mortgage Company. The company Nationwide Mortgage Licensing System number NMLS #1790945
The company headquarters is located at 913 Dancing Horse Drive, Colorado Springs, Colorado 80919, and Lynn can be reached at (719) 302-5508 or Lynn@AgeInPlaceMortgage.com
© Copywrite by Professor Lynn Chase