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APRIL 2024 NEWS & EDUCATION



April is here and so is spring! Many people take this month to begin their "spring cleaning". During this time, homeowners, especially seniors, often take time to evaluate where they live. Are you living as close as you want to your family and friends? Is your home still the right size and location you want it to be? Now might be a great time to investigate some of your options as you evaluate your living situation.


This month, I wanted to share an article, "10 reasons you should use a Home Equity Conversion Mortgage for Purchase loan for your next home purchase". This resource takes a deep dive into the distinct advantage a HECM for Purchase (H4P) loan has for seniors 62 and over to bridge the gap between cash purchases and traditional mortgages.


I have also added some testimonial videos for you to watch. Many of these seniors are experiencing the very same thing you or maybe someone in your friend group or family might be (CLICK HERE to view all our testimonials). However, take a few minutes to watch one specifically about our Home Equity Conversion Morgage for Purchase loan.


I would love an opportunity to meet with you and help you discover if a HECM loan is right for you. Let's connect and schedule a no-obligation consultation meeting online or in person.


Have a wonderful month!


Joan Qvigstad, Retirement Mortgage Specialist


 

EDUCATIONAL ARTICLES & VIDEOS

Top 10 Reasons for Older Adults To Use a HECM for Purchase (H4P) Loan To Buy Their Next Home

Seniors have many reasons to contemplate purchasing a new primary residence, whether to reside closer to loved ones, enjoy the convenience of single-story living, or embrace a lifestyle with low-maintenance accommodations. However, despite these aspirations, many hesitate to act, citing concerns about housing costs, retirement finances, and market unpredictability.


Given the significant impact of housing decisions on post-retirement life and financial stability, exploring funding options thoroughly is crucial. One such option, a Home Equity Conversion Mortgage (HECM) for Purchase (H4P) loan, is specifically designed for homebuyers 62 and older, offering a distinct set of advantages bridging the gap between cash purchases and traditional mortgages.





CUSTOMER STORY: Discover Bobby and Gloria's experience using a HECM for Purchase loan to increase purchasing power and acquire their dream home.

One often overlooked aspect of buying a new home later in life is that alternative financing options exist beyond the usual avenues of paying in cash or obtaining a conventional mortgage. There’s another option: leveraging a reverse mortgage to buy a new home





The Payout Options for Home Equity Conversion Mortgage (HECM) Loans Explained

Traditional home loans that enable borrowers to tap into their home equity are typically inflexible in how they provide funds to borrowers. In contrast, reverse mortgage loans offer various payout choices, empowering borrowers to select the one that best meets their unique needs and objectives.


What This Article Covers:

  • Understanding Reverse Mortgage Loans

  • Fixed vs. Adjustable Rate HECMs

  • Initial Disbursement Limits

  • HECM Payout Options

  • Can You Alter How You Receive HECM ARM Loan Proceeds?




 

EVENTS, WEBINARS AND WORKSHOPS


RSVP for my online April Wednesday Wisdom Webinar: Live your best life with a HECM for Purchase (H4P) Loan. You will learn the basics about how an H4P loan can potentially help you to:


  • Increase your purchasing power to buy the home you really want

  • Free up cash flow—you will not be obligated to make monthly mortgage payments. You still must maintain the home and pay taxes and homeowners insurance.

  • Extend the life of your productive retirement assets*

  • Qualify for a mortgage in retirement. There are minimal income and credit requirements.



[ON-DEMAND] Educational Videos

Take time to watch some of our on-demand videos. The following is a quick overview of our Home Equity Conversion Mortgage for Purchase (H4P) loan:


Topic:

Purchasing a new home with a Home Equity Conversion Mortgage for Purchase (H4P) Loan


Details:

A Home Equity Conversion Mortgage—also known as a reverse mortgage—for Purchase (H4P) is a Federal Housing Administration (FHA)-insured home loan that is designed to help homebuyers age 62+ to buy a new home that better meets their current lifestyle.


Interested in learning more? CLICK HERE to access our complete video library.


 

LET'S START A CONVERSATION!


At Fairway, we’re committed to making the loan process as easy as possible. We’ll be there every step—from the initial loan consultation to closing and beyond. If you’re interested in learning more about HECM loans and if one might be right for you or a loved one, we can help. Schedule a no-obligation one-to-one discovery meeting.



 

Joan Qvigstad, Retirement Mortgage Specialist

NMLS #38002 | Fairway Independent Mortgage Corp.

Phone: (360) 271-5946 | Email: joanq@fairwaymc.com

 

Complaints may be directed to: (877) 699-0353 or Email us: customerservice@fairwaymc.com. | Private Policy | Terms of Use | Legal Disclosures   Licensing | NMLS Consumer Access  


Copyright©2024 Fairway Independent Mortgage Corporation (“Fairway”) NMLS#2289. 4750 S. Biltmore Lane, Madison, WI 53718, 1-866-912 4800. All rights reserved. Fairway is not affiliated with any government agencies. These materials are not from HUD or FHA and were not approved by HUD or a government agency. Reverse mortgage borrowers are required to obtain an eligibility certificate by receiving counseling sessions with a HUD-approved agency. The youngest borrower must be at least 62 years old. Monthly reverse mortgage advances may affect eligibility for some other programs. This is not an offer to enter into an agreement. Not all customers will qualify. Information, rates, and programs are subject to change without notice. All products are subject to credit and property approval. Other restrictions and limitations may apply. Equal Housing Opportunity.


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