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FREEDOM TO CHOOSE... to retire in a home that is right for you!

Updated: Apr 14, 2022

Senior couple laughing and happy after purchasing thier new home with a HECM for Purchase -Reverse Mortgage with Joan
HECM for Purchase (H4P) -Reverse Mortgage Loan

The HECM* for Purchase (H4P) is a reverse mortgage loan insured by the Federal Housing Administration (FHA) that allows seniors to use the equity from the sale of a previous residence to buy their next primary home in one transaction. Regardless of how long a borrower lives in the home or what happens to the home’s value, the borrower only makes one initial investment (down payment) towards the purchase. The loan becomes repayable when the last surviving borrower moves out of the home, or loan terms are no longer met.

*Most, but not all, reverse mortgages today are federally insured through the Federal Housing Administration’s Home Equity Conversion Mortgage (HECM) Program. This advertisement talks about HECM loans only. body text

What are the qualifications?

  • One borrower must be 62 years or older

  • Purchased home is required to be your primary residence

  • New property must be: single– family home, 2-4 unit dwelling or FHA– approved condo

  • For a home purchase, you must have an ade-quate down payment* for your new home based on your age

  • No credit score requirements, some income and credit qualifications apply to make sure you have the ability to pay taxes and insurance.

What are the benefits?

  • No monthly mortgage payments (You must continue to pay taxes, insurance and maintenance)

  • Tax-free cash from loan proceeds (This advertisement does not constitute tax advice

  • Please consult a tax advisor regarding your specific situation)

  • Increase discretionary cash flow

  • Can sell YOUR home at any time

  • Some income and credit qualifications apply to ensure you have the ability to pay taxes, Insurance and maintain the home: (some property qualifications also apply)

*The required down payment on your new home is determined on a number of factors, including your age (or eligible non-borrowing spouse’s age, if applicable); current interest rates; and the lesser of the home’s appraised value or purchase price.

With a reverse mortgage loan you may be able to retire in the home of your dreams!

How can this prodict help you?

Colorful new townhomes -Retirement Community -Reverse Mortgage with Joan
Home Equity Conversion Mortgage -Reverse Mortgage Loan
  1. Enables senior homebuyers to purchase a new primary residence and obtain a reverse mortgage loan in simultaneous transactions.

  2. A reverse mortgage loan is the only mortgage that never requires a payment until you pass away or move out of your home — you will still be required to pay taxes, insurance and maintenance.

A reverse mortgage loan allows you to:

  • Build a new customized home

  • Purchase a primary residence suitable for your current needs.

  • Purchase a home in a senior housing community

  • Move into a new home that’s easily accessible with modern amenities

  • Downsize to a smaller, easier– to—maintain home

  • Relocate closer to friends and family members

Register for one of Joan Qvigstad’s Reverse Mortgage Seminars and learn if a reverse mortgage is right for you! You can call her at 360-271-5946 or CLICK HERE to register.

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