HOME BUYING WITHOUT MORTGAGE PAYMENTS
Your MiMutual Mortgage Reverse Mortgage Specialist can discuss additional details about your home purchase needs, such as:
- Process for purchasing a newly constructed home
- Applying a larger down payment to use as a financial planning tool
- Steps for holding title in a trust
The Home Equity Conversion Mortgage (HECM) can help your buy your next home without monthly mortgage payments. The HECM is a Federal Housing Administration (FHA) insured home loan that allows borrowers aged 62 years or above, to use the equity from the sale of a previous residence to buy their next primary home in one transaction. Regardless of how long you live in the home or what happens to your home’s value, you only make one initial investment (down payment) towards the purchase.
Many home buyers use the HECM to:
- Down-size to a smaller, lower maintenance home
- Buy a home closer to family and friends
- Lower their cost of living during retirement
- Enjoy carefree living in a senior housing community
WHY WE LOVE THIS
- Eliminates Monthly Mortgage Payments
- Increases Purchase Power
- Preserves Cash