HECM Loan for Home Purchase There is exciting news for anyone age 62 or older who wishes to downsize, up-size, move closer to family, move to a low maintenance community or finally buy your dream house.

Special Purchase Loan with No Required Monthly Payments

Some important points

Too Good to be True?

Borrower requirements for a HECM for Purchase reverse

mortgage are:

Types of eligible dwellings under HECM for Purchase:

How is the amount of down payment determined?

Source of Down Payment

How much down payment is needed?

Strategies for using the HECM reverse mortgage when

purchasing a home.

Unique feature of HECM Loan: Any amount you pay into the reverse mortgage with a Line of Credit, first goes to pay off the interest, then reduces the principal, AND the full amount of your payment is ALSO credited to the Line of Credit. That means that you can get that money (and more) back out of the loan any time you want it. Here is why you can get more back than you put in. HUD requires the lender to increase the amount of the HECM Line of Credit by a rate of 1.25% more than the interest rate of the loan, compounded monthly. That means your Line of Credit grows so you can build access to more cash later in retirement. See the example.

What happens when the home passes to the heirs?

The Heirs Have Choices

When the home value is more than the loan balance:

When the home value is less than the loan balance:

Working with Your Real Estate Sales Professional

Contact me sooner rather than later

Equity Loan Officer NMLS # 268592

Marina Del Rey, CA

310-616-6965 Charles@CharlesGuinn.com

http://charlesguinn.com