The Home Equity Conversion Mortgage (HECM) program offers people who are a min of 62 years of age (only one person needs to be 62 for this to count, so don’t worry if your partner is younger than you or vice versa) the opportunity to purchase your home with as little as 40% cash down payment and to potentially never make a mortgage payment again.
This can make getting your dream retirement home a reality after a good successful career. You won’t need to put all your cash into the purchase of your home just enough to meet the downpayment requirements. This can leaving you with more for living or even sprucing up the property. Though as mentioned if you or your partner do not meet the minimum age requirements you may have to look at other options. This could simply be waiting a period of time in order to age up and qualify. For others that cannot wait, you may wish to look at other Mortgage rates and find one that suits your needs.
If you already have had a mortgage and it still is going on, you could look at options to reduce your loan or help yourself out of a mortgage. One such option is note investing, this is where a mortgage note investor buys your mortgage loan, land contract, mortgage contract, deed of trusts, etc. to help you out with another mortgage that suits you better.
In the video embedded below, I sat down with Jacqui Hamilton a specialist in HECM loans to discuss what they are and the benefits of having such a loan. It’s a quick watch that helps break down the HECM program.
Jacqui Hamilton
Concord Mortgage
Jacqui.Hamilton@concordmg.com
623-900-1935