The FHA HECM for Purchase – New as of January 1, 2009
Is the new FHA HECM for Purchase program the best way to buy a house? If you are a senior, it is hard to beat.
Imagine the following scenario:
- You find a house that has an appraised value of $150,000.
- The seller is willing to sell you the house for $100,000 (not uncommon in today’s market).
- You were born on January 5, 1947 – which means that you are now 62 years old
If you were to buy a house using the FHA HECM for Purchase reverse mortgage program, you could put down $22,450 and never make another mortgage payment as long as you live in your home.
Sound too good to be true?
If you aren’t 62 or older, it is too good to be true. But if you are 62 or older, you can qualify for the HECM for Purchase program and buy a house with very little money down and never make a mortgage payment as long as you live in the home.
Interested in learning more about the program? Use this handy HECM for Purchase calculator and see how little money it takes to move into your new home using a FHA HECM reverse mortgage.