Reverse for Purchase

The Home Equity Conversion Mortgage (HECM) for Purchase allows seniors at least 62 years of age to purchase a home through a reverse mortgage. This can be a valuable option for seniors who need a new home that better meets their physical needs, or who wish to move closer to family members. Since this is a reverse mortgage product, monthly payments are not made on the new house.

The Home Equity Conversion Mortgage (HECM) for Purchase allows seniors at least 62 years of age to purchase a home through a reverse mortgage. This can be a valuable option for seniors who need a new home that better meets their physical needs, or who wish to move closer to family members. Since this is a reverse mortgage product, monthly payments are not made on the new house.

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Unlike the traditional reverse mortgage, HECM for purchase loans require a down payment, which you must pay with your own cash. Typically the down payment required is based on the borrower’s age. The older the borrower is, the lower the down payment requirement will be. HECM for purchases are subject to the same guidelines as a standard HECM loan.

Unlike the traditional reverse mortgage, HECM for purchase loans require a down payment, which you must pay with your own cash. Typically the down payment required is based on the borrower’s age. The older the borrower is, the lower the down payment requirement will be. HECM for purchases are subject to the same guidelines as a standard HECM loan.

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CONTACT

Success Mortgage Partners

Reverse Mortgage

Success Mortgage Partners

Reverse Mortgage

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Phone: 1-833-SMP-RVMG or 1-833-767-7864

Phone: 1-833-SMP-RVMG or 1-833-767-7864

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This material has not been reviewed, approved, or issued by HUD, FHA, or any governmental agency. The company is not affiliated with or acting on behalf of or at the direction of HUD, FHA or any other government agency. Success Mortgage Partners, Inc., 1200 South Sheldon Road, Suite 150, Plymouth, MI 48170, NMLS #130562, HUD ID No. 21293-0000-5, MI #FR0020098, FL #MLD 623, NMLS #130562, GA #GRMA-36474, IN #19238, IL #MB 6761028, TX Reg #130562, NC #L-159206. Not all products and options are available in all states. Terms subject to change without notice. This is not a loan commitment. All loans are subject to approval.

This material has not been reviewed, approved, or issued by HUD, FHA, or any governmental agency. The company is not affiliated with or acting on behalf of or at the direction of HUD, FHA or any other government agency. Success Mortgage Partners, Inc., 1200 South Sheldon Road, Suite 150, Plymouth, MI 48170, NMLS #130562, HUD ID No. 21293-0000-5, MI #FR0020098, FL #MLD 623, NMLS #130562, GA #GRMA-36474, IN #19238, IL #MB 6761028, TX Reg #130562, NC #L-159206. Not all products and options are available in all states. Terms subject to change without notice. This is not a loan commitment. All loans are subject to approval.

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