The Loan Designed for Homebuying
WHAT IS THE REVERSE MORTGAGE FOR PURCHASE (H4P)?
The Loan Designed for Homebuying in Retirement
Many retired people would love to buy a new home but think it’s not practical or even possible on a fixed income. The Reverse Mortgage for Purchase (H4P) empowers eligible homeowners to live where and how they want to live while protecting their nest egg and cash flow.
Here’s How the H4P Works for 62+ Homebuyers
Boost Buying Power
With an H4P, you can combine the proceeds of your current home with the proceeds of a reverse mortgage to buy a new home. At Retire Right Mortgage, we’ve boosted our clients’ home buying power by up to 200% with an H4P!
Enjoy HECM Advantages
Just like with any Home Equity Conversion Mortgage (HECM), you don’t have to make monthly mortgage payments ever again, and you will never owe more than the home is worth. Simply pay taxes, insurance, applicable association dues, and maintenance costs.
Basic Qualifications
–Age 62 or older
–Home is primary residence
–Able to pay property charges
–Counseling with a HUD-approved agency
–No delinquent federal debts
–Able to make down payment
These Are Only Some of the H4P Possibilities:
*This advertisement does not constitute tax advice. Please consult a tax advisor regarding your specific situation. The homeowner is still responsible for paying property taxes, homeowner’s insurance, applicable association dues, and for maintaining the property.