HECM Loan for Home Purchase There is exciting news for anyone age 62 or older who wishes to downsize, up-size, move closer to family, move to a low maintenance community or finally buy your dream house. Special Purchase Loan with No Required Monthly Payments Some important points
7
Embed
HECM Loan for Home Purchase - charlesguinn.comcharlesguinn.com/wp-content/uploads/2015/03/HECM-Loan-for-Hom… · HECM Loan for Home Purchase There is exciting news for anyone age
This document is posted to help you gain knowledge. Please leave a comment to let me know what you think about it! Share it to your friends and learn new things together.
Transcript
HECM Loan for Home Purchase There is exciting news for anyone age 62 or older who wishes to downsize, up-size, move closer to family, move to a low maintenance community or finally buy your dream house.
Special Purchase Loan with No Required Monthly Payments
Strategies for using the HECM reverse mortgage when
purchasing a home.
Unique feature of HECM Loan: Any amount you pay into the reverse mortgage with a Line of Credit, first goes to pay off the interest, then reduces the principal, AND the full amount of your payment is ALSO credited to the Line of Credit. That means that you can get that money (and more) back out of the loan any time you want it. Here is why you can get more back than you put in. HUD requires the lender to increase the amount of the HECM Line of Credit by a rate of 1.25% more than the interest rate of the loan, compounded monthly. That means your Line of Credit grows so you can build access to more cash later in retirement. See the example.