Buy Your Next Home with a HECM for Purchase or SecureEquity® Reverse Mortgage

What if you could purchase your next home without taking on a required monthly mortgage payment?

Depending on your goals, a HECM for Purchase or SecureEquity® Reverse Mortgage may make that possible.

Both programs can be used to help qualified homeowners purchase a new primary residence while preserving more of their retirement savings and avoiding required monthly mortgage payments on the reverse mortgage.*

A HECM for Purchase is an FHA-insured reverse mortgage designed for homeowners age 62 and older. It allows qualified buyers to purchase a new primary residence using a substantial down payment while financing the remaining eligible purchase amount through a reverse mortgage.

SecureEquity® may provide another reverse mortgage option for eligible homeowners who want to purchase a home while using home equity to help finance the transaction. Program availability, eligibility requirements, loan limits, and terms may differ from those of a HECM for Purchase.

Instead of paying cash for your next home—or taking out a traditional mortgage with required monthly payments—you may be able to preserve more of your retirement savings while enjoying greater financial flexibility.

Why Consider a HECM for Purchase or SecureEquity®?

A reverse mortgage for purchase can simplify your move while helping you make the most of your retirement assets.

Depending on the program and your qualifications, benefits may include:

• Purchase a new primary residence with no required monthly mortgage payments on the reverse mortgage.*
• Preserve more of your retirement savings and investment portfolio.
• Increase monthly cash flow by eliminating a traditional mortgage payment.
• Move closer to family, healthcare, or recreational opportunities.
• Downsize or right-size without tying up all of your available cash.
• Purchase a newer or more suitable home for retirement.
  

Who Uses a Reverse Mortgage for Purchase?

A HECM for Purchase or SecureEquity® may be an excellent solution for retirees who are:

• Moving to a warmer climate.
• Relocating to be closer to children or grandchildren.
• Purchasing a home in a 55+ active adult community.
• Buying a home that's better suited for aging in place.
• Downsizing from a larger home.
• Looking for a newer home with less maintenance.
• Transitioning into retirement after selling a longtime residence.
• Seeking to preserve more cash for investments, emergencies, or other retirement needs.
  

How Does It Work?

With a reverse mortgage for purchase, you contribute a down payment from the sale of your current home, savings, investments, or other available assets.

The HECM for Purchase or SecureEquity® loan may finance the remaining eligible purchase amount, subject to program guidelines, underwriting requirements, and applicable loan limits.

Once you move into your new home, there are no required monthly mortgage payments on the reverse mortgage as long as you continue to occupy the home as your primary residence and meet the loan obligations.*

The amount you need to contribute toward the purchase will depend on several factors, including your age, the home's purchase price, the selected program, available loan proceeds, and the lender's requirements.

Why Choose a Reverse Mortgage for Purchase Instead of Paying Cash?

Many retirees assume paying cash is always the best option.

However, using a HECM for Purchase or SecureEquity® may allow you to:

• Keep more money invested for future growth.
• Maintain a larger emergency reserve.
• Increase financial flexibility throughout retirement.
• Improve monthly cash flow.
• Purchase the home you truly want without depleting your savings.
  

For many homeowners, a reverse mortgage for purchase can be a strategic way to buy the right home for retirement while preserving additional financial resources.

HECM for Purchase or SecureEquity®: Which May Be Right for You?

The right program depends on your individual circumstances and retirement goals.

A HECM for Purchase may be appropriate for eligible homeowners who want an FHA-insured reverse mortgage and meet the program's age, property, financial assessment, and other requirements.

SecureEquity® may be another option for eligible homeowners who want to use a reverse mortgage to purchase a home and whose needs may be better suited to its specific program structure, eligibility guidelines, and available loan features.

Important factors may include:

• Your age and the age of any co-borrower.
• The home's purchase price.
• The amount available for your down payment.
• Your income, assets, credit history, and financial obligations.
• The type and value of the property.
• Your long-term retirement and estate-planning goals.
• Program-specific loan limits, costs, and requirements.
  

An experienced reverse mortgage specialist can help you compare a HECM for Purchase with SecureEquity® and determine which option may be the better fit.

Speak with The Casagrande Team

As Reverse Mortgage Specialists with Mutual of Omaha Mortgage, Dan and Danny Casagrande help retirees explore ways to purchase the homes they truly want while preserving more of their retirement assets.

Whether you're relocating, downsizing, moving into a 55+ community, or purchasing your forever home, Dan and Danny can help you understand how a HECM for Purchase and SecureEquity® work, compare the available options, and prepare a personalized purchase illustration.

Contact the Casagrande Team today for a complimentary, no-obligation consultation and discover how a reverse mortgage for purchase may help you enjoy retirement with greater financial flexibility.

We're Here to Help

Buying a home in retirement is a major decision, and we're here to make the financing part easy to understand. Dan and Danny will answer your questions, explain how a reverse mortgage for purchase works, and help you determine whether it's the right solution for your retirement goals. Schedule a complimentary, no-obligation consultation and discover how you may be able to purchase your next home with greater financial flexibility.