Page 6 - Rightsizing Guide 2024

Imagine buying your new home

with NO monthly mortgage

payment required

Are you 62 or better? Discover the safe, government-insured Home Equity
Conversion Mortgage (HECM). This allows the use of the loan proceeds

and your down payment to buy your new, primary home within a single

transaction. This innovative product allows you to use the equity from the
sale of your current home, or money from your savings, to fund the

purchase of your new home with no monthly mortgage payment!

This program allows you to:

Rightsize for more affordable living
Rightsize to a more expensive home with no monthly mortgage

payments

Move to a senior community
Move closer to loved ones

Buy or sell a condo

Enjoy the following benefits:

No monthly mortgage payment
Non-recourse loan - if you owner more than the home is worth when

the loan comes due, a FHA managed insurance fund will cover the

difference. If the home is worth more, all remaining equity belongs to
you or your heirs

FHA insured loan - your home and loan are safe
Potentially supplement your income

Minimal credit and income requirements

You retain the title on the home as long as loan terms are met
Fixed rate and adjustable rate options are available

To learn more about the HECM program, contact Mary for local referrals
who specialize in this type of loan program.