HECM for purchase allows seniors, aged 62 or older, to receive a reverse mortgage loan on their principal property so that they have the funds to purchase a new principal property. The HECM for purchase was created so that seniors could easily relocate and live closer to their family or they could move to a residence that greater fits their needs.
HECM for purchase is a simple way to move into a different residence without needing to pay monthly mortgage payments on your new principal property. The HECM for purchase prevents seniors from needing to pay fees from both a reverse mortgage and a new mortgage from a new residence. As the homeowner, you will still be required to pay all property taxes and property insurance. The home you buy must become your principal residence.
In order to get a HECM for purchase, you will need to go through HECM counseling with an independent third-party. We also have a financial planner that can look over your financial position and your needs to see what your best options are. Reverse Mortgages of Southern California is ready to answer any questions that you may have about any of our HECM reverse mortgages.
Just give us a call to schedule an appointment!