Increase closings in your communities

Did you know, homeowners 62 and up have $6.8 trillion¹ tied up in home equity? By incorporating HECM for Purchase loans (exclusive to homeowners 62+) into your business, you can open a new, growing market segment giving you the ability to close more deals on higher-value properties.

With the help of Home Equity Conversion Mortgage (HECM) for Purchase loans, increase your sales by putting your retirement-bound prospects into the homes they want. With more than 10,000 baby boomers turning 65 every day², it’s a growing market you can’t afford to ignore.

How a HECM for Purchase works is simple. Buyers, who must be 62 or older to participate, put down a portion (e.g. 60%) of the new home’s price, and the mortgage lender puts down the rest to complete the purchase. The lender’s portion, however, does not have to be repaid until the borrower leaves the home. With no monthly mortgage payments to make, buyers may choose to use their added buying power to purchase a larger model or additional builder upgrades. Borrowers must continue to maintain the property, pay taxes and homeowner’s insurance and otherwise comply with all loan terms.

With HECM for Purchase loans, you can:

• Increase your value proposition by offering more financial solutions to your homebuying prospects
• Enhance your buyers’ purchasing power
• Position your company as both a builder and home solutions provider
• Increase revenues and profits from more home sales

The HECM for Purchase is an FHA-insured home loan that gives your homebuyers greater financial flexibility, control and certainty over the communities and homes they want to live in for a better retirement.

With HECM for Purchase loans, your buyers can:

• Live closer to family and friends
• Buy a home right-sized with more of the age-appropriate amenities they prefer
• Enjoy no monthly mortgage payments (borrower must continue to pay property taxes, homeowners insurance, and home maintenance costs)
• Enhance liquidity by not making all-cash purchase
• Increase their purchasing power to get the home they want

^{1"Housing Wealth for Homeowners 62+ Reaches $6.9 Trillion in Q2 2018" - National Reverse Mortgage Lenders Association. Sept. 2018. https://www.nrmlaonline.org/about/press-releases/housing-wealth-for-homeowners-62-reaches-6-9-trillion-in-q2-2018}

^{2”Baby Boomers Retire”-Pew Research Center. 2010. Web.5 Dec.2015. http://www.pewresearch.org/daily-number/baby-boomers-retire/}