Are you a Realtor in Minnesota?
Do you have clients who are 62 or older and want to…
…move to a townhome so they don’t have to do the yard work?
…move to a one-level home?
…move closer to their children?
…move to a larger home to have space for when their family comes to visit?
The HECM for Purchase program may be their financing option! The HECM (Home Equity Conversion Mortgage) for Purchase is a tool that allows those 62 and older to purchase their new home and then not have monthly mortgage payments*.
to learn how you can assist your clients 62 and older to purchase their new home without having required monthly mortgage payments*.
“Without the help and knowledge of Beth Paterson who first told me about the reverse mortgage to buy I would never have been able to get our beautiful new townhome, which my wife needs because of her mobility to navigate a lot of stairs. I owe Beth a big debt of gratitude. She is the best! She is knowledgeable and she cares and worked tirelessly for us.” M. R.
*Borrowers are still responsible for property taxes, hazard insurance, maintaining the home and abiding by the terms of the loan.
Articles of using the HECM for Purchase for buying a new home:
- We Were Able To Use A Reverse Mortgage To Purchase Our Beautiful New Home
- In his article in Forbes, “Relocating In Retirement: Don’t Make These Common Mistakes“, Jamie Hopkins states, “more seniors should consider putting some money down and financing a portion of the home with a HECM for Purchase, which is a variation of a reverse mortgage.”
- During Reverse Mortgage Education Week 2018, NRMLA had a discussion about HECM for Purchase with the online real estate community ActiveRain that generated a lot of positive feedback from Realtors. View webinar;
- Buy A Home With A Reverse Mortgage by the senior partner with the Washington, DC law firm of Kass, Mitek & Kass, PLLC and a specialist in such real estate legal areas as commercial and residential financing, closings, foreclosures and workouts.