Mortgage for Seniors – Buying A Home in Retirement


buying a home in retirement and you
wondering is there a good mortgage program for seniors well yes
there it is and that’s what I’m going to be talking about today Hi my name is Linda Urbick with Realty
One Group and the program is called HECM
Home Equity Conversion mortgage for purchase. HEC is really a reverse
mortgage so this is similar except with a reverse mortgage you’re going to be
staying in your home and taking the equity out. The opposite is true with the
HECM for purchase you’re gonna more than likely well most
people are going to sell their house take that equity and move it into
another house. The good thing about this is that you don’t have to use up
all of your equity so this is another you know benefit of the program.
Depending on the age of the person of course you have to be 62 years old to
you know take advantage of this program and the amount of down payment will
depend on the age of the person, which runs anywhere from 50 to 60%to a
down. So you can take all of your equity from what
you’ve sold your house for and now you’ll be able to put some in the
bank or a travel or whatever you want because you’re only required to put
whatever portion of this down. Another benefit is you’ll have no mortgage
payments. Now you’re going to need to make a statement that in fact this home
that you’re purchasing is going to be your primary residence you
have to show that you’re capable of paying the taxes, the home insurance and
any upkeep and any homeowners association dues if you’re in a
community that has to homeowners association. This program has been in
effect since 2008. It’s a government back program
it’s FHA and it’s also this program the HECM for purchase is a non-recourse
loan which means if for some reason when you go to sell the house or your heirs
go to sell the house and there’s not enough equity to pay off the mortgage
because maybe the market has shifted you’re not going to be responsible for
it nor are there heirs. As I mentioned it’s a FHA program so the loan limit
right now is $765,600. Now you can buy a
house even in the Bay Area seniors for you know more than that, but you’re going
to be able to take a loan for $765,000. I find that when I talk to a lot of people
older people like me they say well I’d like to sell but it’s going to
be your wash if I sell this house I’m gonna have to put all that much
money back into a new house that’s just not worth. It well this may be an
opportunity for people that want to move they want to get out of the bigger house
they want to downsize they want to get closer to family whatever. We
all have things that we want to do once we retire. It’s maybe
not for everybody as I mentioned but it’s an opportunity to at least take a
look at this type of program. You can use the heckum for purchase for a
single-family home, condos, townhouses and even mobile homes. If you’re
interested in talking to someone about this type of the HECM purchase
loan shoot me an email and I will give you some references, Not every loan
officer is schooled on this type of mortgage is a special type of mortgage
so you want to talk to somebody that specializes in this program and this is
what they do. The other thing is I will be hosting some seminars with the
specialists to talk about the HECM program in my office. I’m located in
the San Ramon area and if you’re interested in attending just go to my
website look under events and you’ll see the schedules for all of the seminars
that we will be planning and just RSVP. If you have any questions or any
comments about the HECM for purchase, seniors and retirement and
moving, feel free to note them in the comments or again reach out, I’m just a few
key strokes away you can get me by email by telephone or by text. Thank you
so much for watching and I’ll see you next time

3 Comments

  • I look forward to more videos.Keep it up! Would you like to be YouTube friends? :]

  • Good video! Keep it up! Would you like to be YouTube friends? :]

  • Great stuff 🙂 Would you like to be YouTube friends? :]

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