HECM for Home Purchase Program
Attention Real Estate Agents!
Achieve More Sales Through Reverse Mortgages
Reverse mortgages can now help you to sell more homes!
The Homeowner Rescue Act of 2008, HR3221 will permit reverse mortgages for purchase. This is great news for you because senior homeowners can purchase a home (and sell their old one) with no income or credit qualification.
You may have noticed much tighter lending standards lately, so pay attention to a loan that is almost a sure bet for qualifying!
Advantages of purchasing a home
with a reverse mortgage include:
No mortgage payments!
No income qualification
FHA insured – non-recourse loan
Minimum credit requirements
Qualifications:
Borrower(s) must be at least 62 years old
Owner occupied only
Down payment amount is based on age and home value
Amount available based on age, value of the home and interest rate
Other ways reverse mortgages can help:
Down payment for children through reverse mortgage refinance
Reverse mortgage as a bridge loan until value increases
Save seniors from a bad mortgage
What can be better than financial security and peace of mind?
Your senior clientele will appreciate getting updated and correct information from you on reverse mortgages and it can really make a difference in their lives. Many senior homeowners want to stay in their home. The reverse mortgage is an important financial tool that allows them to do that with dignity. We can help you stay informed.
Subscribe to our news feeds, read our blogs, let us speak at your meetings.
If you are a Realtor and would like to know more about this program,
please fill in the form below or call us on 1- 888-489-2220 to discuss.
