Page 1 - AAG029_H4P Increase Sales Flyer

Double Your Commissions with
HECM for Purchase Loans
Home Equity Conversion Mortgage (HECM) for Purchase
Give clients more home purchasing power.
Call me today!
Tom Selleck, AAG Paid Spokesperson
Give Senior Clients More Options
With a HECM for Purchase loan, everybody wins! Increase sales
opportunities for yourself and move more inventory while offering
a great financial option to your senior clients.
A HECM for Purchase loan is a reverse mortgage that is specifically
designed to assist people age 62 or older purchase a home with no
monthly mortgage payments .
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1 Borrower must continue to pay property taxes, homeowners insurance, and home
maintenance costs.
How HECM for Purchase loans can benefit you:
Sell more homes to your senior clients who are transitioning
into retirement.
Benefit from two potential transactions: a home sale and a
purchase.
Assist clients with obtaining financing they originally did
not think they could obtain without existing employment.
See Your Business Grow
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Every day more than 10,000 Americans turn 65 . Are you missing
sales today by not integrating HECM for Purchase loans into your
business model?
By offering the HECM for Purchase loan as an option, you could
help your senior clients enjoy these advantages:
Remain close to family and friends while right-sizing their
home
Access more inventory options including high-value homes
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without monthly mortgage payments .
For industry professionals only - not intended for distribution to the general public. AAG029
HECM for Purchase FAQs
1. What sources are allowed for the
down payment? The sale of the existing
home, gift money, home buyer’s savings
and other assets are all sufficient ways to
source the required funds for closing.
2. What sources CANNOT be used
for the cash required to close?
Seller’s financing and concessions, credit
card cash advances, bridge loans and
subordinate financing cannot be used for
closing.
3. What property types are eligible?
Single-family residences, FHA-approved
condos, FHA-approved manufactured
homes built on June 15, 1976 or later, and
Planned Unit Developments (PUDs).
4. What property types are NOT
eligible? Co-ops, second homes
(investment properties), boarding houses,
bed and breakfast establishments, and
manufactured homes not approved by
FHA or built prior to June 15, 1976.
5. What are the Eligibility
Requirements? Home must become
the buyer’s primary residence and be
occupied by the buyer within 60 days
from the closing date. Construction must
be complete, and the property must be
habitable.