A home equity conversion mortgage (HECM), also referred to as a reverse mortgage, allows retirees to stay in their homes and still access its equity. This can be a great option for people who plan to stay in their current houses. Sometimes, however, those current homes are just not practical. If you need to move but don’t want a new house payment, there is an option for you. An HECM plan for purchase lets you buy a new house but not take on new monthly costs.
Perfect Fit Solution
You’ve completely, or mostly, paid off your home’s mortgage. Now the house no longer fits your needs. Would you like to live closer to your son or daughter? Is the house just so big that the maintenance and upkeep are causing you stress? Imagine being able to move into a home that suits you better without affecting your annual income.
New Home, No Mortgage Payments
An HECM for purchase lets you tap into the equity of a new home without making payments until you no longer live there. In many instances, the borrowers then sell the home and use the proceeds to pay off any remaining mortgage balance.
Are you or a loved one tied to a home that no longer suits? Visit this website to find out more about an HECM for purchase in Santa Cruz.
Guide to Reverse Mortgage Blog 