Discover if a reverse mortgage is right for you!
The HECM for Purchase (H4P) is a reverse mortgage loan insured by the Federal Housing Administration (FHA) that allows seniors to use the equity from the sale of a previous residence to buy their next primary home in one transaction. Regardless of how long a borrower lives in the home or what happens to the home’s value, the borrower only makes one initial investment (down payment) towards the purchase. The loan becomes repayable when the last surviving borrower moves out of the home, or loan terms are no longer met.
What are the qualifications?
One borrower must be 62 years or older
• Purchased home is required to be your primary residence
• New property must be: single– family home, 2-4 unit dwelling or FHA– approved condo
• For a home purchase, you must have an adequate down payment* for your new home based on your age
• No credit score requirements, some income and credit qualifications apply to make sure you have the ability to pay taxes and insurance.
*The required down payment on your new home is determined on a number of factors, including your age (or eligible non-borrowing spouse’s age, if applicable); current interest rates; and the lesser of the home’s appraised value or purchase price.
What are the benefits?
• No monthly mortgage payments (You must continue to pay taxes, insurance and maintenance)
• Tax-free cash from loan proceeds (This advertisement does not constitute tax advice. Please consult a tax advisor regarding your specific situation.)
• Increase discretionary cash flow
• Can sell YOUR home at any time
• Some income and credit qualifications apply to ensure you have the ability to pay taxes, Insurance and maintain the home: (some property qualifications also apply.)
DOWNLOAD THE "FREEDOM TO CHOOSE TO RETIRE IN A HOME THAT IS RIGHT FOR YOU" BROCHURE
Register for one of Joan Qvigstad’s Reverse Mortgage Seminars and learn if a reverse mortgage is right for you!
You can call her at 360-271-5946 or register online at : www.reversemortgagewithjoan.com