Page 3 - WSAAG053_HECM for Purchase Booklet
P. 3
How do I qualify? Qualifications The borrower(s) must also meet
for a HECM for Purchase reverse the financial requirements of the
mortgage loan are based on these HECM program
important factors:
Advantages of a HECM for
Age: You must be age 62 Purchase loan include:
1 or older (a non-borrowing n No monthly mortgage payments
spouse may be under age (borrower(s) must continue to pay property
62) taxes and homeowners insurance, maintain
the home, and otherwise comply with the
loan terms)
Residence: Your new home
2 must be your primary n Increase your purchasing power
residence (borrowers must n Contribute toward the financing of the new
occupy property within 60 home purchase
days of closing)
n Rightsize to a lower-maintenance home
Down Payment: You must n Buy a home closer to family and friends
3 have sufficient down n Lower your cost of living during retirement
payment to purchase the
new home
A Guide for Home Buyers 3
