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Call us for a reverse proposal today!
Christie Latham
Christie Latham
Christie Latham
Branch Sales Manager | NMLS #959118
632 Pinecroft Place Clayton, NC 27520 christieL@fairwaymc.com
919.649.3026 www.christielathamloans.com
Karen White
Christie Latham
Christie Latham
Loan Officer | NMLS #1668009
632 Pinecroft Place Clayton, NC 27520 karen.white@fairwaymc.com
713.471.1588 www.homeloanswithkarenscare.com
Dawn Turrone
Christie Latham
Dawn Turrone
Loan Officer | NMLS #130978
632 Pinecroft Place Clayton, NC 27520 dawnt@fairwaymc.com
919.422.0301
www.dawnturroneloans.com
Natalya Hill
Christie Latham
Dawn Turrone
Loan Officer | NMLS #107187
632 Pinecroft Place Clayton, NC 27520 natalya.hill@fairwaymc.com
919.614-0388
www.fairwayloansbynatalya.com
Reverse Mortgage For Purchase Loan (H4P)
The Financing You Need to Buy the Home You Really Want in Retirement.
If you are 62 or older, you may be thinking about buying a new home that better meets your needs in retirement. Maybe you have your sights set on a home that’s closer to your children, or one that will better accommodate your needs as you age, or one that is breathtakingly beautiful and near the ocean. You may also be thinking that you cannot afford to buy such a home, or that you don’t want to drain your nest egg to be able to afford it. Before you decide, consider the flexible financing option called a HECM for Purchase loan—which offers some distinct advantages over a traditional mortgage or paying all cash.
A Home Equity Conversion Mortgage
—also known as a reverse mortgage
—for Purchase (H4P) is a Federal Housing Administration (FHA)-insured home loan that is designed to help homebuyers age 62+ to buy a new home that better meets their current lifestyle.
How the product works
Down payment
Repayment flexibility
Repayment flexibility
The product allows you to combine a down payment from your own funds (e.g., proceeds from the sale of your current home) with the proceeds from the H4P loan to complete the purchase. The amount that you would be required to put down is roughly 40 percent to 60 percent of sales price of the home you are buying. The required down payment is determined by the age of the youngest borrower, the current interest rates, and the purchase price of the new home.
Repayment flexibility
Repayment flexibility
Repayment flexibility
You have the option to repay as much or as little of the loan balance each month as you would like, or you can make no monthly mortgages payments at all. The FHA guarantees that as long as you meet your loan obligations (which include maintaining the home and paying for property taxes and homeowners insurance), no repayment of the loan is required until the last borrower moves out or passes away. When the loan becomes due, you or your estate has up to 12 months to repay the loan balance, which is typically achieved by selling the home.
Increase your purchase power!
This information is provided as a guideline and does not reflect the final outcome for any particular homebuyer or property. The actual reverse mortgage available funds are based on current interest rates, current charges associated with loan, borrower date of birth (or non-borrowing spouse, if applicable), the property sales price and standard closing cost. Interest rates and loan fees are subject to change without notice. Following the closing of the home purchase, no further principal or interest payments will be required as long as one borrower occupies the home as their primary residence and adheres to all HUD guidelines of loan. Borrower must remain current on property taxes, homeowner’s insurance (and homeowner association dues, if applicable), and home must be maintained.