Is this HECM for Purchase a new loan product? FHA-insured HECM (Home Equity Conversion Mortgage) loans, have been around since 1989. The HECM for Purchase program has been in effect since January 2009.
No. FHA encourages all first-time homebuyers to meet with a reverse mortgage counselor that offers pre-purchase counseling to educate themselves on the responsibilities of becoming a homeowner. Prior to signing a sales contract, FHA encourages a home inspection of all properties that will serve as collateral for HECM for purchase transactions.
The HECM for Purchase program began in 2009 as a way to use a reverse mortgage to purchase a new home. The government saw enough people using a costlier and more complicated two-step process-obtaining.
· Many older homeowners are not aware of the HECM Purchase Program. If you’re thinking about buying a home and paying cash, you may want to consider using a HECM for Purchase Loan. First, we will go over the very basics of a HECM (AKA Reverse Mort. HECM Purchase Program. gage). What is the HECM Program?
Buy With a Forward Mortgage, Repay With a Reverse Mortgage. Prior to the HECM for purchase program, the senior who wanted to purchase a house but could not afford to pay all-cash had to take out a forward mortgage to buy the house, then repay it by drawing on a reverse mortgage.
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The HECM for Purchase or H4P, can be used to either downsize or upsize to purchase their dream retirement home. If you are 62 years or older, the Home Equity Conversion Mortgage (HECM) for Purchase loan can help you buy your next home without required monthly mortgage payments.
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Buy a Home Without Monthly Mortgage Payments. If you are 62 years or older, the Home Equity Conversion Mortgage (HECM) for Purchase Loan can help you buy your next home without required monthly mortgage payments. 1 The HECM for Purchase is a Federal Housing Administration (FHA) insured 2 home loan that allows seniors to use the equity from the sale of a previous residence to buy their next.