The National Reverse Mortgage Lender Association (NRMLA) is hosting a free webinar on using a reverse mortgage to purchase a new home during the 3rd annual Reverse Mortgage Education Week. Reverse Mortgage Education Week is dedicated to teaching more people about the benefits of reverse mortgages, how they work, and how loan proceeds can be used to support aging in place.
Typically older homebuyers aged 62 and older, who don’t usually qualify for a conventional mortgage, or want a monthly mortgage payment, would need to pay cash for their new home. However, there is another option, FHA’s Home Equity Conversion Mortgage (HECM) for purchase, H4P.
Seniors have used the H4P to purchase their dream home, downsize to a home more convenient for their changing health needs and move closer to their children.
Richard and Lou needed a one-level home to eliminate stairs that were getting hard to navigate. Instead of using conventional financing or paying cash, they used the HECM for Purchase (H4P) Adjustable Rate. Using cash from the sale and the H4P, they were able to purchase their dream home at a higher value than paying cash would have allowed, have funds for moving expenses and still have funds in a line of credit.
Join us for “Serving the Boomer Market: Guidance for Meeting Older Buyers Needs with HECM for Purchase,” an informational webinar for Realtors and agents who work with older buyers. NRMLA CRMPs Chris Bruser and Christina Harmes, Realtor Scott Degnan, and Scott Owens the General Manager of an active adult community, will explain the process for using a reverse mortgage to purchase a home and provide examples of how buyers, and sellers, can benefit from H4P.
What: Free Webinar: Serving the Boomer Market: Guidance for Meeting Older Buyers’ Needs with HECM for Purchase
When: April 24, 2018, 1:00 – 2:00 PM ET
For more background on reverse mortgage loans and HECM for Purchase, take a look at these resources and media coverage that shows how the responsible use of a reverse mortgage can enhance a retirement plan:
- We Were Able To Use A Reverse Mortgage To Purchase Our Beautiful New Home
- How Can A Reverse Mortgage Be Used In One’s Financial Plan?
- A Minnesota Reverse Mortgage Borrower Speaks Out On The Benefits With Her Reverse Mortgage
- NRMLA: Resources for Realtors® and Agents
- Toolkit: Using a Reverse Mortgage to Buy a Home
- Video Testimonial: Personal Financial Columnist Terry Savage Gets Personal
- ThinkAdvisor: “Reverse Mortgages Could Be Next Hot Topic in Retirement Planning”
- NRMLA: “Today’s Reverse Mortgages: Flexible with a lot of built in protections”
- Kiplinger: “Reverse Mortgages That Work”
- Wall Street Journal: “A Reverse Mortgage to Buy a Home? Here’s How”
- US News and World Report: “Should Retirees Buy a Home with a Reverse Mortgage?”
- CBS News: “A Smart Way for Seniors to Tap Home Equity”
- Chicago Tribune: “Can a Reverse Mortgage Stabilize a Wobbly Retirement-Income Stool?”
- Forbes: “Using a Reverse Mortgage in a Responsible Retirement Income Plan”
- Kiplinger: “Why Reverse Mortgages are Worth a Look”
If you’d like to learn how to utilize a reverse mortgage to purchase a new home, contact us if you are in Minnesota. As your local broker, we work with several lenders and provide free information and facts with no obligation, meeting in person whenever possible.
For other states, contact your local reverse mortgage specialist who is a broker, one who works with several lenders, has their Broker License/NMLS and preferably holds the Certified Reverse Mortgage Professional (CRMP) designation.
© 2018 Beth Paterson, CRMP, Beth’s Reverse Mortgage Blog, 651-762-9648
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