HECM for Purchase is best for those who are age 62+ and:
• Are ready to downsize, upsize, move closer to family, move to a more convenient neighborhood, a low-maintenance community, or finally buy their “dream house”, and don’t want to take on a required monthly mortgage payment.
• Live on a fixed income; are concerned about being able to afford a new home via a cash purchase or traditional financing; and/or want to avoid tapping into their retirement nest egg.
• Their current home no longer fits their lifestyle: The washer and dryer are down in the basement; the yard is too big to care for; they need or prefer a one-floor living situation; they want a new home that’s a better fit for their physical needs.
• They want to increase their purchasing power to
buy the home they really want, with the amenities
they need or desire.
• They want to preserve proceeds from the sale of
their home for a cash reserve or other retirement
savings.
Many of today’s seniors are living in homes that no longer fit their lifestyle. Such as multi-level homes with the bedrooms upstairs, the kitchen on the main level and the laundry facilities down in the basement.
In some cases, the yard is too big in the summer to care for, or the driveway is too big in the winter to shovel. Many seniors today are living in homes that are too far from family & friends. What they want is a new home, but what they don’t need is a new monthly mortgage payment in this latter stage of their life.
