Realtors: Sell More Homes with No Income or Credit Qualifications
Clients Can Now Purchase a Home with the FHA-Insured HECM Reverse Mortgage
The Housing and Economic Recovery Act of 2008 creates a tremendous opportunity for anyone, 62 and older, to buy a home using the HECM for Purchase program.
With the HECM for Purchase product, reverse mortgage proceeds, combined with a large cash down payment, allow seniors to purchase a new primary residence within a single transaction. There are no monthly mortgage payments for as long as one homeowner remains in the home.
Realtors - What Can This FHA-Insured Program Do For You?
- More listings and mores sales!
- It's easier for the borrower to qualify; Program is NOT based on income, assets or credit;
- Faster closing - Our average turn time is 30 days!
- Training and support offered throughout the entire process makes this a profitable opportunity for you to sell more homes and serve more clients.
The maximum FHA loan limit is $625,500 for 2009, so now is the time to show clients how to use the powerful features of this program to:
- Own a home
- Upgrade from a current home
- Sell an existing home and downsize to more affordable living
- Relocate to be closer to family
- Purchase a single level, more accessible home
- Buy or sell a condo
Now, seniors who would like to purchase a new home and wouldn't normally qualify for a mortgage because of credit issues or fixed income may be able to do so.
- No credit or income qualifications
- No monthly mortgage payments
- A sizeable down payment is required
- Homebuyer must be 62 or older
- Federally regulated and insured
- Same reverse mortgage benefits as the standard HECM product
Eligibility
- Single family homes
- 1-4 Units
- Approved Condos & Townhouses
- Homeowner must be 62 years of age or older
- Home purchase must be primary
Call us today to find out how much your client may be eligible for under the higher lending limit. Your local Reverse Mortgage Professional will carefully answer all your reverse mortgage questions and explain the benefits of this HECM for Purchase program. As experienced experts in the industry, we're here to help you show seniors how to pay cash for their next home and still not incur a mortgage payment!
HECM for Home Purchase currently not available in all states.
Monte Howard
Director, Affinity Division
Toll Free 1. 877.300.5405
E-mail: affinity@generationmortgage.com
NEW!
California Realtors - ask us about Generation's unprecedented continuing education class on Home Equity Conversion Mortgage (HECM) for Purchase loans. The California Department of Real Estate-approved course, titled "Reverse Mortgage Opportunities and Consumer Protections for Senior Clients," is available upon request to California real estate agencies statewide.Attendees can qualify for two credit hours toward continuing education requirements for their California broker licenses.
To read more about Generation Mortgage in California Real Estate Magazine, click here.
