Page 6 - AAG119_HECM for Purchase Booklet for Builders
P. 6

How It’s Different?


      With a traditional mortgage, a homebuyer typically makes a
      down payment and monthly mortgage payments (principal and
      interest) thereafter until the lender is repaid.

      A HECM for Purchase requires only a down payment at the time
      of the homebuyer’s purchase. The amount of the purchase
      price financed by the lender does not have to repaid (principal
      and interest) until the buyer sells, permanently moves out of
      the home, passes away, or does not otherwise comply with the
      loan terms.  Both types of mortgages require that the borrower
      maintain the property, pay property taxes, and homeowners
      insurance.


      If you have prospects looking to finance their model home
      purchase without taking on monthly mortgage payments, share
      how a HECM for Purchase can help them accomplish their goal.
      In addition, HECM program guidelines were put in place by the
      United States Department of Housing and Urban Development
      (HUD) to protect borrowers and further strengthen the HECM
      loan product.




























      6
   1   2   3   4   5   6   7   8   9   10   11