Become A HECM Partner
Offering the option of home equity conversion mortgages (HECM) for purchase can help realtors and builders attract new customers and expand their business. Partnering with a reverse mortgage expert who understands the rules and qualifications criteria will set you apart in your market.
A home equity conversion mortgage for purchase, also called an H4P, is a reverse mortgage that allows borrowers age 62 and older to purchase a home without taking on monthly mortgage payments.
HECM Facts for Realtors & Builders
A home equity conversion mortgage (HECM), or a reverse mortgage, is a loan insured by the Federal Housing Administration that allows homeowners age 62 or older to use a portion of their home's equity to obtain tax-free funds while avoiding monthly mortgage payments.
Home equity conversion mortgages are nonrecourse loans, meaning that when the home is sold to repay the loan, the homeowner and heirs will never owe more than the loan balance or the value of the property, whichever is less. A reverse mortgage may be used for either purchase or refinance. A home equity conversion mortgage for purchase is a reverse mortgage that allows borrowers age 62 and older to purchase a home without taking on monthly mortgage payments.
Did You Know?
- More than 10,000 Baby Boombers turn 65 every day.
- By 2030, roughly 20% of the U.S. population will be older than 65.
- One-fourth of all homebuyers are 60 or older.
Benefits for Buyers
- Increased purchasing power
- Nonrecourse loan insured by the Federal Housing Administration
- Exclusively for borrowers age 62 and older
- Alternative to a traditional mortgage
- One-time investment with no monthly mortgage payments