If you are a baby boomer age 62 or older and wanting to move into a new home to be closer to the kids, smaller yard, less maintenance, have more time for yourself we have the answer. Imagine a new home where everything works and is new. You will enjoy greater energy efficiency, a more comfortable home, new neighbors and have it just the way you want it. The best part is you will enjoy a very flexible payment schedule and, maybe, no monthly payment at all! This is the Home Equity Conversion Mortgage (HECM) for Purchase loan.
Here is How it Works –
Joyce is 65 years old. Many of her friends moved to a new, lifestyle community and Joyce was eager to join them. But she didn’t want to add the burden of a monthly mortgage payment—or to spend $350,000 in cash to buy the home free and clear. She was forced to consider less expensive homes nearby.
Fortunately, a friend told her about Reverse Mortgage for Purchase loans. Joyce discovered that with this option, she only needed to invest about 57% of the purchase price. This allowed her to upgrade to a more comfortable lifestyle and keep more of the money from the sale of her former home, while having the option of making no monthly principal and interest payments if she so chooses. (As with any mortgage, she must meet her loan obligations, keeping current with property taxes, insurance, maintenance and any homeowners association (HOA) fees.) The exact down payment amount is based on your age and can come from the sale of your current home.
- Joyce was able to move into the home that she wanted right away.
- She kept significantly more cash from the sale of her previous home.
Watch: How a Home Equity Conversion Mortgage for Purchase Works (Video)
Read: (PDF) Evans Coghill Homes HECM Buyers Guide
Evans Coghill Homes builds new homes in McLean in Belmont NC. We have a collection of impressive homes with lots of options to make it just right for you. We are ready to show you your next home and help make it a reality with a HECM loan.
Model home is located at 1008 Overlake Dr, Belmont NC. Contact Paul Stanger here