Turning 62 isn't what it used to be.
Now it means new activities, new opportunities, and even new homes. In fact, today, one out of every four people who buy a home are age 60 or older.
Some of them downsize, but 30% of them actually move into a larger home.
If you're age 62 or older, you too could get the home that has everything you imagine, because a home equity conversion mortgage for purchase, or HECM for Purchase, could provide the financing you need for the home you really want.
With a HECM for Purchase loan, you can choose your new home based on the things that you want or need in retirement, and purchase it with a down payment that typically equals 45% to 62% of the sales price, depending on your age.
For example, with a HECM for Purchase loan, a 62 year old could buy a $350,000 home with only about $200,000 cash up front, using funds from the sale of their current home. So they may not even need to tap into their savings. Their FHA-insured HECM for Purchase loan finances the rest.
In your new home, finance through a HECM for Purchase loan. The flexible payment option lets you choose to pay as little or as much as you like each month, or make no monthly loan payments at all, as long as you live in your home, which gives you the flexibility to keep more cash each month to use in your retirement.
Of course, as with any mortgage, you must meet your loan obligations, keeping current with property taxes, insurance, any homeowners association fees, and maintenance.
If you're age 62 or older and looking to buy a home, consider a HECM for Purchase loan.
Let's hear what real people are saying, like this realtor.
"I'm telling all my older adult home shoppers about it. It's the best-kept secret for funding the retirement lifestyle you've always wanted." - Tom S. -
And these actual H for P customers.
"We ran it by our financial guy, and he said, "It looks like a no-brainer to me." - George S. -
"We are not strapped for money, and we still have our nest egg, and yet we still have a very beautiful house. - Dolores S. -
Find out if a HECM for Purchase loan could help you get the home you really want. HECM for Purchase gives you purchasing power that can help you meet your needs and live your dreams.