If your are looking to by in Ocean Hills Country Club, are 62 years old or older, there is a program that can help you purchase your Ocean Hills home. The following information will help you understand the details and the benefits of a purchase reverse mortgage.
What is the Home Equity Conversion Mortgage (HECM) for purchase?
- Ocean Hills Country Club homes qualify for FHA-insured reverse mortgages.
- Senior homebuyers can purchase a new primary residence and obtain a reverse mortgage and have “no mortgage payments.”
- Buyers can combine reverse mortgage proceeds with a down payment from the sale of their existing home or other assets.
How can HECM help you buy an Ocean Hills home?
- It allows you to purchase a primary residence suitable to your needs.
- You may be able to afford to purchase a home almost twice as expensive.
- Purchase a home without a monthly mortgage payment.
- Move out of your two story into a safer one story home.
- Downsize to a smaller, easier-to-maintain home.
- Relocate to be closer to friends and relatives.
What requiremnets must your new home meet to qualify for HECM?
- Must be a qualifying property like Ocean Hills homes.
- Must become your primary residents.
- You must move into your Ocean Hills home withing 60 days of close of escrow.
To get more information about how a reverse mortgage can help you buy in Ocean Hills, contact Gary Harmon today.
All original content by Gary Harmon.
- Move into a great senior community like Ocean Hills.
