Page 1 - AAG029_HECM for Purchase for Realtors

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. 1
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
Every day more than 10,000 Americans turn 65. Are you
2
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 without monthly mortgage payments. 1
For industry professionals only - not intended for distribution to the general public.
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.