HECM For Purchase in Florida

Mortgage Free Retirement Living

HECM for
Purchase Basics:

  • Down payment is about
    1/2 the sales price
  • No required mortgage payments
    (payments are optional)
  • Minimal credit and
    income requirements
  • At least one borrower
    needs to be 62 or older
  • Federally insured for
    your protection

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:

  •   Upsizing to a home that better fits your lifestyle
  •   Downsizing to a home that is more manageable
  •   Moving to a new “active” retirement community
  •   Moving closer to family

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.

EXAMPLE:
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.
How can they accomplish both?
The answer is with the
HECM for Purchase!
COST of New Home $300,000
DOWN PAYMENT49%
HECM Proceeds51%
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.

HECM for Purchase

Down Payment Matrix

Image

   The difference between the Sales Price and the
Down Payment is the HECM loan which requires
No Monthly Mortgage Payments (Payments are optional)

Image
SALE PRICE AGE 62
DOWN PAYMENT 		AGE 67
DOWN PAYMENT 		AGE 72
DOWN PAYMENT 		AGE 77
DOWN PAYMENT 		AGE 82
DOWN PAYMENT 		AGE 87
DOWN PAYMENT
$150,000 $80,885 $75,935 $72,935 $67,385 $61,085 $53,735
$200,000 $107,198 $100,598 $96,598 $89,198 $80,798 $70,998
$250,000 $133,098 $124,848 $119,848 $110,598 $100,098 $87,848
$300,000 $159,823 $149,923 $143,923 $132,823 $120,223 $105,523
$350,000 $186,135 $174,585 $167,585 $154,635 $139,935 $122,785
$400,000 $212,448 $199,248 $191,248 $176,448 $159,648 $157,310
$450,000 $238,760 $223,910 $214,910 $198,260 $179,360 $157,310
$500,000 $265,073 $248,573 $238,573 $220,073 $199,073 $174,573

NMLS 1253328 Down payments shown are approximate and can change due to current market conditions

Image
Call for your Personal HECM for Purchase Analysis and start living Your Retirement ...Your Way
8OO-822-119O
Image

The #1 Rated HECM For Purchase Company

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.

Why Choose Senior Lending for H4P?

  • Less paperwork and an online application streamline’s the process
  • A personal loan advisor will keep you up to date on the progress of your application
  • Our H4P advisors will help you understand all the details so you get the best mortgage option for you
  • We provide the lowest wholesale mortgage rates available in the market

Apply For A HECM For Purchase Today!

  • This field is for validation purposes and should be left unchanged.