Home Equity Conversion Mortgage (HECM) For Purchase
Taking Advantage of HECM for Purchase
If you need a place to live in Santa Cruz, Monterey or Campbell, then a HECM for purchase might be the solution for you. Retirement Funding Solutions is here to help you with the process. We can set you up with a reverse mortgage on a new property all in one transaction. This means you have a quality roof over your head without any mortgage payments.
The borrower must occupy a home as the primary residence and is responsible for payment of property taxes, homeowner's insurance, the costs of home maintenance and any HOA fees.The equity of the home will still be available to you to use for other loans or settlements all while giving you the freedom to move.
How is it Different from a Reverse Mortgage?
The primary difference with a HECM for purchase is that it is applied to a new residence. With a reverse mortgage, you are typically borrowing against a home that is completely or mostly paid. This allows the equity of the home to secure that the loan can be paid when the residence is sold, freeing you to spend the cash as you need. A HECM for Purchase loan will not provide new income sources, but it will allow you to move into a new home or neighborhood that better meets your needs. In either case, you do not have to make any payments on the mortgage as long as you live in the house and satisfy loan terms.
Claim Your Free HECM for Purchase Guides
Call Dan at 831-423-2900 for your complimentary guide. 1. Real Estate Professional's Guide - Double your commission per sale 2. Home Buyers Guide - Learn how to buy your dream home with no monthly payments 3. Builders Guide - Sell more profitable homes
Ready to Help
Dan is devoted to helping seniors in Campbell, Monterey, and Santa Cruz with their financial and living arrangements. Our brokers are just a phone call away, ready to meet with you. They can review all of your options and help you find a plan that puts you in the right home with the right financial benefits. Just dial 831-423-2900 to get started.