Combine a reverse mortgage with the equity from the sale of your previous home, or from other savings, to buy your next home. A Home Equity Conversion Mortgage (HECM) for Purchase Loan from AAG can help you get "more home" without mortgage payments.*
What is a HECM for Purchase Loan?
A HECM for Purchase Loan, also known as a Reverse for Purchase, is a government-insured loan that gives homeowners 62 and older the convenience and flexibility to purchase a new home while eliminating mortgage payments. You make a down payment and let your HECM for Purchase loan from AAG cover the rest. And yes, you read that correctly, no mortgage payments as long as you continue to pay for property taxes, homeowner’s insurance and keep the home maintained.
Eliminate Monthly Mortgage*
Free up cash to cover other important expenses, such as health care, paying bills or simply spoiling the grand kids.
Improve Your Purchasing Power
Use the funds from a reverse mortgage to purchase “more home” and improve your cashflow.
Right-Size to the Right Home
Move closer to family and friends or match your lifestyle needs with a lower-maintenance home.
Who is a HECM for Purchase Loan Good For?
Reverse mortgage for purchase loans have helped older Americans nationwide purchase a home that best suits their retirement goals and lifestyle.
Is a Reverse Mortgage Right For You?
Take 2 minutes to learn if you could benefit from a reverse mortgage and receive a FREE info kit.
get StartedBy clicking “Get Started” and sharing your contact information, you expressly consent to allow AAG, a division of Finance of America Reverse LLC, to contact you about your inquiry via phone call or text at the phone number and/or email address you provide using a manual or automated system, even if you are on a State or Federal Do-Not-Call list. You are not required to enter into this agreement as a condition for doing any kind of business with AAG, and you can revoke this consent any time. To speak with someone at AAG, please call 1-800-730-0315. Privacy | Notice at Collection
How a HECM for Purchase Loan Works
A HECM for Purchase loan combines a reverse mortgage with the equity from the sale of your previous home – or from other savings and assets – to buy your next primary home in a single transaction. Regardless of how long you live in the home or what happens to your home’s value, you only make one initial payment toward the purchase, provided that you pay property taxes, insurance and maintain the property.
Who Qualifies for a HECM for Purchase Loan?
- You must be age 62 or older (a non-borrowing spouse may be under age 62).
- Your new home must be your primary residence (borrowers must occupy the property within 60 days of closing).
- You must have a sufficient down payment to purchase your new home and meet the financial requirements of the HECM program.
Features and Safeguards
The HECM reverse mortgage product has been improved over the years so that it can better meet the needs of older Americans. Today, there are important safeguards in place to ensure that it can continue to help consumers like you for years to come.
- You must complete reverse mortgage counseling with an independent counseling agency.
- You must undergo a financial assessment to ensure you are able to meet the financial obligations of the loan, which includes the ability to pay your property taxes and homeowners insurance.
- If your spouse is younger than 62, they can qualify as an eligible non-borrowing spouse and remain in the home even if you leave or pass away, so long as they continue to meet all loan obligations. (Borrower must continue to pay for property taxes, homeowner’s insurance and maintain the home.)
**The borrower must meet all loan obligations, including living in the property as the principal residence and paying property charges, including property taxes, fees, hazard insurance. The borrower must maintain the home. If the homeowner does not meet these loan obligations, then the loan will need to be repaid.
**The borrower must meet all loan obligations, including living in the property as the principal residence and paying property charges, including property taxes, fees, hazard insurance. The borrower must maintain the home. If the homeowner does not meet these loan obligations, then the loan will need to be repaid.
Is a Reverse Mortgage Right For You?
Take 2 minutes to learn if you could benefit from a reverse mortgage and receive a FREE info kit.
get StartedBy clicking “Get Started” and sharing your contact information, you expressly consent to allow AAG, a division of Finance of America Reverse LLC, to contact you about your inquiry via phone call or text at the phone number and/or email address you provide using a manual or automated system, even if you are on a State or Federal Do-Not-Call list. You are not required to enter into this agreement as a condition for doing any kind of business with AAG, and you can revoke this consent any time. To speak with someone at AAG, please call 1-800-730-0315. Privacy | Notice at Collection
