HOME EQUITY CONVERSION MORTGAGE (HECM)
Reverse Purchase Mortgage
“The purpose of this mortgage FHA Insured, Reverse Purchase Mortgage is meant to meet the special needs of elderly homeowners by reducing the economic hardship caused by the increasing cost of meeting health, housing and subsistence needs at the time of reduced income.”
FHA-insured Loan Lets You Buy Your Dream Home for approximately 50% Down and No Monthly Principal & Interest Mortgage Payments
If you’re at least 62 then you will want to learn about the FHA-insured HECM for Purchase program, or H4P for short.
The H4P program was launched in January, 2009. However, you may not be aware of this program because it is not frequently advertised to the public. Currently, Professional Mortgage Alliance, LLC is one of the most experienced sources for this product in the nation. In other words, it’s very unlikely that your local bank specializes in this program.
How Does The H4P Program Work?
First, you need to be aware that the program is insured by the federal government and the rules allow you to buy your dream home for approximately 50% down and NEVER make a monthly principal and interest mortgage payment.
Every day I hear “it sounds too good to be true, what’s the catch?” The only catch is you have to be at least 62 and the new home has to be your primary residence.
Next, the amount required to bring to closing is based on the youngest borrower’s age and the purchase price of the home. For example, a 70 year old purchasing a $200,000 home would bring just $96,677 to closing. That’s it…and never make a single monthly principal and interest mortgage payment!
For more information on Reverse Purchase Mortgage call
Bonomo Realty and set up an appointment. 727-733-3777