At some point in retirement the decision for many seniors to “Right-Size” starts with carefully identifying your priorities, requirements, stage in life, and matching it to the home or community that is a perfect fit for you whether it be:
Use the (Home Equity Conversion Mortgage) HECM for Purchase (H4P) product to buy a “Right- Sized” home that fits your needs without the financial burden of a mortgage payment. Combining a one-time down payment with the proceeds from a HECM allows you to complete a purchase transaction making it the same as if you bought your home with 100% cash.
Since you don’t need 100% of the purchase price, the savings can allow you to reinvest the money back into your savings. The H4P can be just the thing you need to start living your retirement your way.
Jim and Carol sold their home up north and want to purchase their dream retirement home without a monthly mortgage payment, but they also don’t want to spend all their cash.
| COST of New Home | $300,000 |
| DOWN PAYMENT | 49% |
| HECM Proceeds | 51% |
| Cash Saved | $153,500 |
Jim and Carol now live in their new home with NO mortgage payments and they have a significant amount of cash left over for future needs.
Your personal HECM for purchase advisor is there to quickly provide answers to your questions while working at your pace. They are with you from initial consultation to closing and any point in between.
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