Today’s senior homebuyers now have access to a powerful traditional mortgage alternative when considering the purchase of a new primary residence. Imagine purchasing a new home and no monthly payment.
While originators agree that the underutilized reverse mortgages for purchase program needs a boost, they are divided on whether removing the words “reverse mortgage” from its marketing is the.
The lender has been largely focused on traditional purchase loans, but now it’s throwing some weight into growing its reverse mortgage channel. In June, it hired veteran HECM specialist Steven Sless.
The deadline is coming up for lenders to close reverse mortgage for purchase transactions that were originated before changes to the federally-insured Home Equity Conversion Mortgage program were.
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· While many people have heard of a reverse mortgage, many people do not know about the HECM for Purchase Program. Contact a licensed loan advisor today by calling us at (800) 976-6211 to find out if the HECM for Purchase Program is right for you. Important Disclosures
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· The HECM for Purchase program began in 2009 as a way to use a reverse mortgage to purchase a new home. It can be used to either downsize or.
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Recent changes to the reverse mortgage program that reduced principal limits and amended ongoing insurance premiums have many originators expecting a slump in business. But some say the Home Equity.
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Alternatively, the home could be sold with the proceeds split, and then each of the ex-spouses could use his or her half of the home equity with a HECM for Purchase to obtain a home of similar value.
For many approaching retirement age, there comes a time when it makes sense to sell the family home and downsize. But for some, downsizing is more like “rightsizing,” and the search for a new home.
But for a retiree who wants to downsize into a smaller home, using a Home equity conversion mortgage (hecm) for Purchase can help them better achieve their three retirement objectives while preserving.
Last chance to sign up for a free training session on how to effectively communicate the HECM for purchase program. Join Reverse Fortunes and over 230 reverse mortgage professionals who have already.