Realtors & Builders
It’s no secret that Florida is a hot real estate market for Boomer and Senior buyers. In 2015 approximately 54% of home sales* came from Buyers aged 55 years and older. In America, 11,000 people turn 62 every day and that will continue well into the next decade. What if you could sell more homes or those profitable upgrades with less concern over sales price and in turn making more commissions and profits? So how do you exploit this market demographic? Here’s how. Your 62+ buyer can now purchase their next home for as little as 40% down and never have a mortgage payment with the FHA insured, Home Equity Conversion Mortgage (HECM) for Purchase.
The Home Equity Conversion Mortgage for Purchase is an aged-based mortgage program that, since 2009, has allowed buyers 62 years of age and older to purchase a new or existing home or FHA Approved Condo without having to make any mortgage payments** ever. The HECM for Purchase closes just like a conventional mortgage but is much more flexible and there are additional features.
More about the HECM
- Must be Buyer’s Primary Residence (single family 1-4 units / PUD) or FHA Approved Condo;
- Loan amount is based on age of the borrower, value of the property and the applicable interest rate;
- Initial and on-going Mortgage Insurance is added to loan balance. With this insurance Borrowers, their heirs or their estate will never have to repay more than the house is worth; and
- The loan principal, interest and insurance premiums are due and payable when the last borrower permanently leaves the home or does not comply with other obligations** of the loan.
To learn more about this awesome program to sell more homes at higher prices contact us for more details.