HECM for Purchase

HECM for Purchase allows seniors to purchase a new principal residence and obtain a Reverse Mortgage within a single transaction if:

  • The youngest homeowner is 62 or older
  • The purchased home will be occupied within 60 days of closing
  • The purchased home will be the primary residence
  • Only the HECM mortgage loan can be used to purchase the home
  • The difference between the purchase price of the home and the HECM proceeds will be paid in cash from the sale of an existing home or another source of funds
  • As with all mortgage loans you must continue to pay your property taxes and homeowner's insurance premiums

Special restrictions:

  • Gift funds may be an acceptable form of down payment with proper documentation
  • If the homeowner is using cash, the cash must be seasoned for 60 days

There must be proof that the homeowner has "eligible funds" for the closing and must provide all corresponding documents such as:

  • Letter of Verification
  • Proof of liquidation of retirement assets
  • Deed of Sale
  • HUD1 Home Sale Statement
  • The property must be a primary residence and can be 1 to 4 units
  • FHA approved Condominium

Information needed to Qualify for a HECM Loan:

  • Date of Birth of all borrowers
  • Estimated Value of the subject property
  • Zip Code of the subject property

Lend America Financial is commited to provide Miami reverse mortgage candidates with outstandung quality service to make this process simple as possible.  

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