What is a Reverse Mortgage Purchase?

A Reverse Mortgage Purchase, also known as a Home Equity Conversion Mortgage (HECM) for Purchase, allows seniors aged 62 and older to buy a new home using the equity from their existing home or other assets. This unique financial tool combines the benefits of a reverse mortgage with the goal of purchasing a new primary residence, enabling you to enjoy a comfortable lifestyle in a home that suits your needs.

Why Choose a Reverse Mortgage Purchase?

• No Monthly Mortgage Payments: With a reverse mortgage purchase, you eliminate the need for monthly mortgage payments, allowing you to maintain financial flexibility and peace of mind.
• Downsize or Upgrade: Whether you want to downsize to a more manageable home, relocate closer to family, or move into a community that better fits your lifestyle, a reverse mortgage purchase provides the financial freedom to do so.
• Access to Home Equity: Use the equity from your current home to finance your new home purchase, giving you the opportunity to make a substantial down payment without depleting your retirement savings.
• Retain Ownership: You retain ownership of your new home, just like with a traditional mortgage, and can live in it for as long as you wish.

How It Works

1. Determine Eligibility: To qualify, you must be 62 or older and the new home must be your primary residence. Your financial standing and the value of your current assets will also be considered.
2. Choose Your Home: Work with a real estate agent to find a home that meets your needs and preferences. The home must meet FHA property standards.
3. Apply for a Reverse Mortgage: Apply for a HECM for Purchase loan with the help of our experienced reverse mortgage specialists. We’ll guide you through the entire process to ensure a smooth and efficient transaction.
4. Close on Your New Home: Once approved, you can close on your new home. You’ll make a one-time down payment from the proceeds of the reverse mortgage, and any remaining balance can be covered by the reverse mortgage loan.
5. Enjoy Your New Home: Move into your new home without the worry of monthly mortgage payments, and enjoy the lifestyle and comfort you deserve in your retirement years.

Why Choose Advisors Mortgage?

At Advisors Mortgage, we pride ourselves on providing personalized service and expert guidance. Our team of reverse mortgage specialists is dedicated to helping you make informed decisions and achieve your homeownership goals with confidence. We offer:

• Comprehensive Support: From initial consultation to closing, we are here to assist you at every step of the process.
• Experienced Professionals: Our team has extensive experience in reverse mortgage lending and real estate transactions.
• Transparent Process: We ensure that you fully understand the terms and benefits of a reverse mortgage purchase, so you can make the best decision for your future.

Get Started Today

Ready to take the next step toward owning your dream home? Contact us today to schedule a free consultation with one of our reverse mortgage specialists. Together, we’ll explore your options and find the perfect solution to meet your needs.

Advisors Mortgage– Empowering Your Retirement Dreams.