NYT: The Quiet Comeback of Reverse Mortgages
Features a DC area retired couple that relocated to Central PA using the HECM for Purchase strategy. **This couple was the personal client’s of Don Graves
WSJ: How to Buy a Home Using a Reverse Mortgage – July 20, 2016
With a home-equity conversion mortgage, seniors can finance the purchase of a new home without monthly payments. A very general article with not a whole lot of detail. But overall shared the legitimacy of the concept
WSJ: Reverse Mortgage Helps Client Buy a Home – Jan. 29, 2013
Except: The recently widowed client, in his mid 70s, had given up hope of selling his Sacramento home and buying a new house closer to his grown children south of San Francisco. He owned his $250,000 home outright. But the median house price near his children was nearly $600,000.
Is A HECM For Purchase Right For You?
Some seniors want to remain homeowners, but not necessarily stay in their current home. These homeowners may have the ability to use a reverse mortgage loan to use the equity they have in their current home to move to another home while doing away with their monthly mortgage payment1 by using a HECM for Purchase.
A Home Equity Conversion Mortgage for Purchase often provides substantial savings over the alternative of purchasing a new home and later taking a reverse mortgage later. See article here.
HECM FOR PURCHASE OFFERS SENIORS A BETTER HOME BUYING OPTION THAN TRADITIONAL REVERSE MORTGAGE
Is A HECM For Purchase Right For You?
http://reverse.org/blog/hecm-for-purchase-right-for-you/
St. Louis Couple Uses HECM Mortgage To Buy Dream Home In Florida
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How To Purchase A Home With A HECM
7 Reasons Your Retired Buyers Need You To Know About Reverse Mortgages
Should A Client With An $1100 Income, Living In A 5,000 Sq Foot Home, Consider A Reverse Mortgage?
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St. Louis Couple Uses HECM Mortgage To Buy Dream Home In Florida
HECM For Purchase Offers Seniors a Better Home Buying Option Than Traditional Reverse Mortgage
If you’re a senior citizen looking for a way to leverage your home equity to buy your retirement home, you might do better with Home Equity Conversion Mortgage (HECM) than a traditional reverse mortgage.
In the conventional scenario, you sell your current home to recoup the equity you have, which has probably declined somewhat since 2008, when the market turned. Then you took out a reverse mortgage on the new home.
So, not only did you lose some of the home equity on your other residence, but you’re now paying two closing costs—to purchase the new home and then to do the reverse mortgage. Years ago, when you looked ahead toward your retirement, is this what you envisioned?
HECM for Purchase (H4P) offers a more favorable option. This FHA-insured program lets you buy your new home using a reverse mortgage in a one-step process. You use the equity in your home to pay for your next home, which you are purchasing for a fraction of the selling price. That price is based on your age—the older you are, the lower the price. See article here.
St. Louis Couple Uses HECM Mortgage To Buy Dream Home In Florida
Andy and Beatrice Hollimon had endured Midwest winters for decades, and it was time to fulfill their dream of moving south.
“We owned our home in St. Louis area for quite some time, and we vacationed in South Florida the last five to six years,” Andy says. “We were looking to change locations for retirement and were zeroing in on the geographic region that we preferred.”
Andy had worked in human resources management for 40 years and later worked as an adjunct instructor and business administration department chair at Stevens — The Institute of Business & Art. He had worked hard, and they wanted to buy their dream retirement home without dipping into their retirement savings and investment income. They didn’t even think it was possible to get the type of home they ended up buying until watching a television commercial on HECM mortgages.
See article here. (I think this one has been posted on the site before)
How to Buy a Retirement Home With a Reverse Mortgage
Many older people know about using a reverse mortgage to tap their home equity and use the money to stay in a longtime home. But it’s also possible to use a reverse mortgage to buy a home. This can be helpful to people who want to relocate and can’t afford mortgage payments in retirement or are unable to qualify for a conventional mortgage. It may also be a useful financial tool for delaying Social Security or conserving cash. See article here.
Purchasing a Home with a Reverse Mortgage
Using a reverse mortgage to help seniors buy a house works exactly the same way a reverse mortgage works when you are refinancing a home in which you currently live. The difference is that you are doing the reverse mortgage on the home you are purchasing, not on the home you are selling. The combination of your down payment, and the reverse mortgage on your new home, will equal the purchase price. See article here.
(I found this online. Would you like it added to the master list?)
Use a Reverse Mortgage for Purchase of a New Home
For many years, seniors have used Reverse Mortgages to transform equity in their homes into cash without burdening themselves with monthly payments or risking foreclosure. This year however, the US Federal Housing Administration has enacted new legislation allowing seniors to get Reverse Mortgages on properties they haven’t even purchased yet.
Not everyone qualifies for a Home Equity Conversion Mortgage (HECM) for Purchase transaction. But if you do, you can use a Reverse Mortgage to buy your dream home and escape the need for the burdensome monthly payments associated with a normal mortgage. See article here.
(I found this online. Would you like it added to the master list?)
Understanding Purchasing a Home with a Reverse Mortgage
Many people know that a reverse mortgage allows homeowners age 62 and older to tap into the equity of their homes to improve their cash flow and eliminate their monthly mortgage payments. But did you know it also can be used as a home financing tool, making it easy for homeowners to buy a different home?
The Home Equity Conversion Mortgage for Purchase (also called HECM for Purchase, H4P, or reverse mortgage for purchase) is a loan program designed specifically to help homeowners age 62+ to purchase a home that’s more lifestyle-appropriate, without needing to make monthly mortgage payments. (Of course, the borrower is still responsible for property taxes, homeowners insurance, and property maintenance. A HECM is a home-secured debt payable upon default or a maturity event.) See article here.
Should a Client with an $1,100 Income, Living in a 5,000 Sq. Foot Home, Consider a Reverse Mortgage?
See article/blog (which one?) here – (From HECM Advisors Group Real Estate Blog)
How to Purchase a Home With a HECM Reverse Mortgage
See article/blog here
7 Reasons Your Retired Buyers Need You to Know About Reverse Mortgages
See article/blog here – (From HECM Advisors Group Real Estate Blog)
How to Add $35,000 to Your Clients Retirement with One Simple Strategy!
See article/blog here
Why Doesn’t Every Realtor in the Country Know About This?
See article/blog here
Why One of the Nation’s Leading Lifestyle-Rich Home Developers Has Made the Reverse for Purchase Program a Priority
See article/blog here
For More Real Estate Articles Go HERE
FHA Condo Approval Overview
See article/blog here
Should Condo Owners Press Their Boards to Seek FHA Approval? – Dr. Jack Guttentag
See article/blog here
7 Benefits of FHA Condo Approval – Pros, Cons and Common Misconceptions
See article/blog here
Should a Condo Become FHA Approved? – What Every Owner Must Know
See article/blog here