Offer Reverse Mortgage for Purchase (HECM) Financing
You may have heard of reverse mortgage loans for existing homes, but did you know that people can buy new homes—and that includes new construction—with these loans? Here’s why you should do it.
It Can Be a Great Deal for the Buyer
Especially since 2014, reverse mortgage loans (HECMs) have become highly regulated by the federal government and are among the safest loans around. Bad press you might have heard is likely from people who haven’t kept up with the news. Here are some of the top benefits for retirees.
Tax-Free Money from Home Equity*
No Mandatory Monthly Mortgage Payments
They Remain Sole Owner of the Home
Payment Only Due When They Leave the Home
View Qualifying Conditions
- One spouse must be 62 years or older to be eligible for a reverse mortgage. In Texas, both spouses must be 62 years or older
- The property must be a single-family home, a 2 to a 4-unit dwelling or an FHA-approved condo
- Must receive reverse mortgage counseling from a HUD-approved counseling agency
- The home must be a primary residence (live there 6+ months per year)
- Must meet minimal credit and property requirements
- Must not be delinquent on any federal debt
Why Fairway Should Be Your Go-To Partner
It’s not just because we’re nationwide and have served millions of clients, it’s because customer service is a way of life to us. We can provide the best mortgage products and rates with some of the fastest turn times in the industry. As your partner, we can also provide you with: customized marketing materials, customized video content about your properties, and educational seminars for your sales team.
Estimated Cash From Borrower*
Age of Youngest Borrower
Faded portion of barrepresents the estimatedreverse mortgage funds
Then What Happens?
Your client enjoys the same terms for any home with a reverse mortgage loan:*
Never have to make monthly mortgage payments unless they want to
The home is theirs, in their name, and no one can make them leave
Simply pay homeowner’s insurance, property taxes, and maintain the home
Want to Learn More About Reverse Mortgages in General?
Our Video Series For Builders
Learn What You Need To Know About Reverse Mortgages.
*The information in this advertisement does not constitute financial planning advice. Please consult a financial planner regarding purchasing an annuity and your specific retirement plan.