The Home Equity Conversion Mortgage (HECM) for Purchase allows seniors at least 62 years of age to purchase a home using a reverse mortgage. This can be a valuable option for seniors who need a new home that better meets their physical needs or who wish to move closer to family members. Since this is a reverse mortgage product, monthly payments are not required on the new house.
Unlike the traditional reverse mortgage, HECM for purchase loans require a down payment, which you must pay with your own cash. Typically the down payment required is based on the borrower’s age and the amount of the purchase. The older the borrower is, the lower the down payment requirement will be. HECM for purchases are subject to the same guidelines as a standard HECM loan.
San Diego Reverse Mortgage
National Mortgage Lic. #264481 | Dept. of Real Estate Lic. # 01051057
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