Page 5 - WSAAG053_HECM for Purchase Booklet
P. 5

Example Two


           Savings                    You have $200,000 in savings
                                      ready to purchase a new home.




           Purchase New               You find a NEW home for $350,000.
           Home
                                        Use $200,000 as a down payment.

                                      Use $150,000 from a HECM for Purchase to
                                      complete new home purchase.



              $200,000  +  $150,000  =  $350,000



                    Down Payment                  HECM to Complete                      New Home
                                                       Purchase                       Purchase Price



                  Have a new home and no monthly mortgage payments (provided you pay property
                                taxes, homeowners insurance, and maintain the property)


                                                                                          A Guide for Home Buyers  5
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