HECM...new word for me. Interesting word, that is also. But once you hear the meaning and what it can do for you, if you don't already know, HECM is a GREAT word and one you will remember!!! The HECM for purchase program is for individuals 62 and over who are interested in purchasing a primary residence. By paying as little as 30% (depending on age) you can purchase without ever having to make a monthly mortgage payment! What?!?! Seems too good to be true...
To start, HECM is FHA backed. So, it is a legit program. Your cash at closing, depends on your age and your purchase price. The older you are, the less out of pocket you have to pay. The only payment you will have monthly is taxes and other fees that may be associated to owning your new home (insurance or HOA, for example). Interest does accrue on the balance of the loan on a rate competitive for this program. This program just makes sense. The best part is this, if property values ever go down again, FHA will forgive that portion that is owed on the mortgage. The sellers (including heirs) will not have to pay any difference in case of a property depreciation. When values go up and you sell, the net proceeds are yours to keep!
So what is not to love about this program??? Contact me today to find out how you can get into your next home with minimal money out of pocket and NO monthly payment. Visit www.HECMProgram.com for more information.
10 Things to Know About the HECM Purchase Program
1. No credit qualification
2. Minimum income requirements (to cover property taxes and insurance)
3. No employment requirements
4. No debt-to-income ratios
5. No monthly mortgage payment EVER
6. You can live in the house until the last borrower vacates
7. You are not personally liable for the debt nor are your heirs
8. Loan-to-value ratios up to 70% based on age
9. Lending limits up to $450,000 based on age
10. Closing costs may be financed into mortgage
3 Steps to Qualify
1. You must be 62 years or older
2. HECM Mortgage must be for your PRIMARY residence
3. Money brought to closing must come from asset accounts or a gift and cannot be money acquired through debt.
What are you waiting for?!?!? Get out there and buy while prices and interest rates are still low!!!
Happy house hunting,
Stephanie Clemens
www.MyAgentInDayton.com
Stephanie@MyAgentInDayton.com
