Until the last decade, if you were 62 or older and and wanted to buy a new home, your options were limited by the equity accessed from selling your home, your cash savings, and the size of any mortgage you could obtain.
But in 2009, a new method for buying new homes was created by the Federal Housing Administration.
The HECM for Purchase (H4P) loan lets seniors purchase a home with approximately 50% down or less depending on age. Following this down payment, seniors will never have a mortgage payment as long as they live in the home and meet eligibility requirements.*
H4P can provide seniors with new opportunities
If you’re eligible and want to live in a new home, the H4P could provide you with:
H4P Eligibility Requirements
To buy a home using the H4P loan, the following requirements must be met*:
Contact Open Mortgage about this homebuying opportunity
Whether you want to buy a home better suited to retirement living, or dream of moving to a warmer part of the country, H4P can help make it happen.
To learn more about this exciting opportunity, contact one of Open Mortgage’s friendly loan originators.
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