Home Equity Conversion Mortgages
Purchase VS Refinance
Our Services
HECM loans. or Home Equity Conversion Mortgages, are insured by the federal housing administration, and allow individuals ages 62+ to tap a portion of their home equity without having to move. We are dedicated to helping you make the most of that transaction. Here is how we can help you:
Looking To Buy a Home
Eliminate your monthly mortgage payment and purchase a new home!
If you're at least 62 years or older, the Home Equity Conversion Mortgage (HECM) for Purchase Loan can help you buy your next home without a monthly mortgage payment! The HECM for Purchase is a Federal Housing Administration (FHA) insured mortgage that allows you to utilize the equity from the sale of your previous home to buy your next primary residence in one unique transaction.
Many home buyers use the HECM for Purchase Loan to:
- Right-size to a smaller, lower maintenance home
- Buy a home closer to family or friends
- Lower their cost of living during retirement
- Enjoy carefree living in a senior housing community
Borrower Eligibility:
- Borrowers must be 62 years or older
- Purchased home must be a primary residence
- Home must be occupied within 60 days of loan closing
- Property must be a single family home, 2-to-4 unit owner-occupied dwelling, FHA approved condo, or manufactured home that meets FHA requirements
- The difference between the purchase price of the new home and the HECM loan proceeds must be paid in cash from qualifying sources such as the sale of prior residence, home buyer's other assets or savings
- HUD approved borrower education must be completed
Questions? Contact one of our outstanding loan officers on the link above. We're happy to walk you through the process.
Looking to Refinance
Eliminate your monthly mortgage payment and purchase a new home!
If you’re at least 62 years or older, the Home Equity Conversion Mortgage (HECM) for Purchase Loan can help you buy your next home without a monthly mortgage payment! The HECM for Purchase is a Federal Housing Administration (FHA) insured mortgage that allows you to utilize the equity from the sale of your previous home to buy your next primary residence in one unique transaction.
Many home buyers use the HECM for Purchase Loan to:
- Right-size to a smaller, lower maintenance home
- Buy a home closer to family or friends
- Lower their cost of living during retirement
- Enjoy carefree living in a senior housing community
Borrower Eligibility:
- Borrowers must be 62 years or older
- Purchased home must be a primary residence
- Home must be occupied within 60 days of loan closing
- Property must be a single family home, 2-to-4 unit owner-occupied dwelling, FHA approved condo, or manufactured home that meets FHA requirements
- The difference between the purchase price of the new home and the HECM loan proceeds must be paid in cash from qualifying sources such as the sale of prior residence, home buyer’s other assets or savings
- HUD approved borrower education must be completed