The Home Equity Conversion Mortgage for Purchase program is a part of HUD’s larger HECM program. It allows eligible home buyers to get a reverse mortgage and purchase a home, all under one single mortgage transaction.
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Reverse mortgages can be a useful tool for seniors and retirees for a variety of reasons. Much like with social security, the value of a reverse mortgage increases the longer you can hold out. The benefit of aging is qualifying for more money from your reverse mortgage. After all, the maximum amount you are eligible to borrow uses your age as one of the determining factors.
You must be 62 years of age or older to be eligible for a reverse mortgage, but that doesn’t mean you should jump at the opportunity right after blowing out your birthday candles. Remember, it pays to wait.
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The amount of money you get from a reverse mortgage is dependent on the type of loan and the method you choose to receive your payments. There are three types of reverse mortgages: Single Purpose, Proprietary, and the Home Equity Conversion Mortgage (HECM).
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If you have a reverse mortgage, you can sell your home and repay the loan at any time without penalty. Upon selling the home, the loan must be repaid in full and the borrower can pocket whatever equity is left, assuming that all other loans, liens and associated fees with the sale of the home are paid.
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The closing costs for a reverse mortgage are dependent on the type of reverse mortgage loan chosen, the lender chosen and the money taken out upfront. Here, find a list and brief explanation of typical fees at closing.
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Depending on your personal circumstances, there may be some downsides to a reverse mortgage. It's important to fully understand the terms of your reverse mortgage loan before closing, so here are the drawbacks of this type of home loan.
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A reverse mortgage is when a lender takes the equity in your home and converts it into payments to you. Equity in your home is defined as the difference between what your home is valued and the debt owed on the home.
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