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