Reverse Mortgage Purchase: Why Buy a New Home?

The HECM for Purchase is a reverse mortgage product that was introduced in 2009, that would allow seniors the opportunity to purchase a new home and obtain a reverse mortgage loan in one transaction. HECM for Purchase (also known as reverse mortgage purchases) are still relatively unknown but can be a beneficial product for seniors and retirees whose plans include buying a new house. With the HECM for Purchase product, they are able to finance a new home, and they do not have to worry about making monthly payments to the lender. To learn more about this product, you can read it at HECM for Purchase 101.

Here are some reasons why one would look into doing a HECM for Purchase to buy a new primary residence:

1. Looking to downsize: Empty nesters are now facing an abundance of rooms and while you could possibly change one of the rooms into a gym – maybe that isn’t necessary? Seniors who are looking to downsize their space are able to get exactly what they need in smaller homes and with smaller costs. In a smaller home, they are able to save more on electricity and water, since not much is needed. Also, the costs of taxes and insurance on a smaller abode would be lowered too.

2. Want to move closer to family: There are many reasons why boomers would choose closer to their family. Whether it is for health reasons, or to be a bigger part of their grandchildren’s lives; a reverse mortgage purchase can help seniors buy a new primary residence to become closer to their families.

3. Live in the home of their dreams: Some people may say that the home they live in is the “home of their dreams.” For others, this may not be the case and a reverse mortgage purchase is available to help finance your new dream home. During your retirement years, you deserve to be at your happiest and with the reverse mortgage purchase, you can move to a sunnier location or even finally have the home that you have always dreamt about.

There are many other reasons why anyone would choose to use HECM for Purchase to help buy a new primary residence. What is yours?

If you are interested in learning more about reverse mortgages – a Senior Advisor is available at 1-888-808-8486. Give them a call today!

Image courtesy of [jannoon028] / FreeDigitalPhotos.net

Read Related Articles:

HECM for Purchase 101

What are the Basics of HECM for Purchase?