Want to Retire in a New Location? Consider the HECM for Purchase Loan
Are you retired and thinking about moving to a new location? This is common, as 64% of retirees expect to move at least once during retirement.
Whether you want to relocate to a warmer state or move across your city to be near your grandchildren, there’s a home loan that could help make this happen: HECM for Purchase (H4P).
H4P allows seniors aged 62 and older to purchase a home with approximately 50% down. Following your down payment and loan, you’ll have no monthly mortgage payments as long as you live in the home.*
H4P allows seniors to buy homes that better fit their needs
In addition to helping retirees move to a different location, H4P could offer other advantages. These include:
- Greater home purchasing power
- The ability to move into a home that better fits your needs
- Reduced out-of-pocket expenses with not having a monthly mortgage payment*
- Possibly being able to retain more of your life savings
- Keeping the title to your home
H4P eligibility requirements
To be eligible for this exciting loan program:
- You must be 62 or older
- The property must be your primary residence (vacation homes are ineligible)
- The money used for the down payment must come from checking, savings, investments, gifts or an existing house sale (it cannot come money acquired through debt)
- You must be able to maintain the home and pay property taxes, insurance, and HOA dues
Contact Open Mortgage to learn more about H4P
Regardless of the reason you want to move, H4P could help make it happen.
If you have questions about whether H4P could be ideal for your situation, contact one of Open Mortgage’s friendly loan originators today!