Reverse Mortgages for Home Purchase

Purchase your dream home with no monthly mortgage payment!*

Commonly known as a “reverse mortgage”, the Home Equity Conversion Mortgage (HECM) is a government-insured loan that allows older homeowners to convert homeequity into tax-free cash.* Perfect for borrowers who are downsizing or want to purchase a home without a monthly mortgage payment.*

PROGRAM DETAILS:

• No payment option available*
• HECMs are federally insured.
• Same products, limits, LTVs, and rates as traditional mortgages
• Excellent planning tool to fund retirement

THE FINE PRINT

• Must be 62 years old, or older
• Applies only to owner-occupied, primary residences
• Mandatory HUD counseling
• The homeowner is still responsible for property taxes, homeowners insurance, upkeep and any relevant HOA fees.
• At the conclusion of a reverse mortgage, the borrower must repay the loan and may have to sell the home or repay the loan from other proceeds;
• Charges will be assessed with the loan, including an origination fee, closing costs, mortgage insurance premiums and servicing fees;
• The loan balance grows over time and interest is charged on the outstanding balance;
• The borrower remains responsible for property taxes, hazard insurance and home maintenance, and failure to pay these amounts may result in the loss of the home; and
• Interest on a reverse mortgage is not tax-deductible until the borrower makes partial or full re-payment.

*Age-based assessment and other guidelines determine allowable equity ratios. Various payment and draw options available.