Before you pay cash, consider what you want to keep available.
A purchase comparison can show the tradeoff between putting more money into the home and retaining resources for the years ahead.
Read the purchase articlePut the home to work for your goals
The right home. More cash left for the life around it.
Moving closer to family or into a home that fits you better shouldn’t begin with assuming an all-cash purchase is your only comfortable choice. Richard can help compare the financing before you decide.
What do you want left over after closing?
A HECM for Purchase lets an eligible buyer age 62 or older combine a substantial cash contribution with an FHA-insured reverse mortgage to buy a new primary residence. There is no required monthly principal and interest payment while the loan terms are met. The amount you contribute depends on the borrower, property and current proposal.
Bring your goal and a general description of the home. An initial review can determine whether a current illustration is worth preparing and which alternatives belong beside it.
Your comparison can show
- Compare estimated cash needed for an all-cash purchase, conventional financing and a HECM for Purchase.
- See how much cash might remain available after the move.
- Check borrower and property eligibility early, alongside costs and the purchase timeline.
A closer look
Know what comes with the benefit.
The buyer must occupy the home as a primary residence, pay taxes, insurance and applicable association charges, and maintain the property. Interest and loan charges accrue. Independent HECM counseling and a financial assessment are required. This is financing to compare with your alternatives, not a promise that every purchase will qualify.
HECMs are generally available to eligible homeowners age 62 or older and require independent counseling. Some proprietary programs have different age and property requirements. The review will focus on the options available for your circumstances.
Read loan and licensing disclosuresSee what the numbers make possible.
Start with what you’d like to change. From there, a mortgage illustration can be prepared if the situation appears to fit. You can include the family members or advisors you want at the table.