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
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