The HECM for Purchase is a Federal Housing Administration (FHA) home loan that allows seniors to use the equity form the sale of a previous residence to buy their next primary home in on transaction! The HECM for Purchase loan is a non-recourse loan, which means there is no recourse to the borrower, or their estate heirs if the HECM loan balance exceeds the home's value at maturity as long as the borrower or their estate sell the property to pay off the debt. If the borrower or their estate want to retain the property, the balance must be paid in full and any equity remaining the property after the mortgage is retired belongs to the borrower or the estate!
Use the HECM for Purchase loan to:
- Downsize to a smaller, lower maintenance home
- Buy a home closer to family or friends
- Lower the cost of living during retirement
- Enjoy carefree living in a senior housing community
For more information on purchasing a home using the HECM for Purchase, contact the Foster Beckman Group today at 702.686.2695