VANDYK MORTGAGE FORT MYERS
REVERSE MORTGAGE
Buy Your Next Home with a Home Equity Conversion Mortgage for Purchase (HECM for Purchase)
A Home Financing Option for Older Adults
Are you 62 or older and thinking about moving?
If you’re age 62 or older and considering a move—whether to be closer to loved ones, reduce home maintenance, or right-size your living space—a HECM for Purchase may be an option worth exploring.
This FHA-insured reverse mortgage program allows qualified borrowers to purchase a new primary residence using a combination of a down payment and reverse mortgage proceeds, potentially eliminating the need for monthly mortgage payments.
How a HECM for Purchase Works:
- Sell your current home or use other eligible funds to make a down payment.
- Finance a portion of the purchase price with a HECM for Purchase loan.
- No required monthly mortgage payments, as long as you live in the home and meet ongoing loan obligations. *
- You maintain homeownership and live in the property as your primary residence.
- The loan is repaid when the home is sold, or when it is no longer your primary residence.
Key Features:
No Required Monthly Mortgage Payments – Borrowers are not required to make monthly mortgage payments. However, they must continue to pay property taxes, homeowners’ insurance, and maintain the home.
Retain Full Ownership – You hold title and can live in the home for as long as it remains your primary residence.
Preserve Savings – Compared to paying all cash, a HECM for Purchase may help conserve retirement assets or increase purchasing power.
Different Qualification Standards – Qualification is based on age, equity, and financial assessment—not just credit score and income.
Real-Life Scenario:
Richard, age 71, sold his long-time family home to move into a one-story residence closer to his grandchildren. Using HECM for Purchase, he made a down payment of approximately $181,500 on a $350,000 home and used the reverse mortgage to finance the rest. This gave him a new home without the burden of monthly mortgage payments and allowed him to retain funds for renovations and emergency savings.Is It Right for You?
A HECM for Purchase could be a suitable option if:
- You are 62 or older
- You’re purchasing a new primary residence
- You want to avoid required monthly mortgage payments
- You’re financially able to meet ongoing obligations of homeownership
Call Kelly Sweeney at 757-717-0248 and learn more about this program. We’re here to provide clear, honest guidance.
Important Information:
- *Borrowers must continue to pay property taxes, homeowners’ insurance, and maintain the home according to FHA requirements.
- The home must be the borrower’s primary residence.
- HECM for Purchase loans are insured by the Federal Housing Administration (FHA).
- The loan is non-recourse: you or your heirs will never owe more than the home is worth when the loan is repaid.