Purchase your new residence with a HECM for Purchase loan!
A HECM for Purchase is a reverse mortgage loan that allows the purchase a new principal residence using loan proceeds from a reverse mortgage.
With flexible repayment features that the borrower can choose from, they can repay as much or as little as they like each month, or make no monthly principal and interest payments at all. As a result, the flexible repayment feature may make it easier for a buyer to afford the home they really want and improve cash flow by using cashing out equity in the home purchased.
You may already know that as with any mortgage, the borrower must keep current with property-related taxes, insurance and maintenance as part of their ongoing loan obligations. Repayment is generally required once borrowers sell the home, pass away, cease using the home as a primary residence or fail to meet their loan obligations. Foreclosure is possible if the borrower fails to comply with the conditions of the loan.
Give us a call to schedule an in-home reverse mortgage consultation or just find out if you qualify.
(800) 779-1020
Phone Call Authorization - Please Read
By submitting this estimate request form, I authorize HighTechLending doing business as Golden Heritage Financial to contact me to discuss the information submitted on the form in order to provide information about the loan, answer any questions you may have, help determine your qualification for the HECM reverse mortgage and if you’re interested help you apply for the loan even if the telephone number provided is currently listed on a corporate, state, and/or federal Do-Not-Call list(s). I understand that I am not required to give my consent as a condition of purchasing any goods or services from HighTechLending doing business as Golden Heritage Financial. I may revoke my consent at any time by contacting Samy Khoury at skhoury@hightechlending.com.
5 Important Things To Understand As You Consider A HECM Reverse Mortgage Loan
1
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.
2
Charges will be assessed with the loan, including an origination fee, closing costs, mortgage insurance premiums and servicing fees.
3
The loan balance grows over time and interest is charged on the outstanding balance.
4
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.
5
Interest on a reverse mortgage is not tax-deductible until the borrower makes partial or full repayment.