Purchase Money Reverse Mortgage: Finance a Home Purchase With No Monthly Payment

How to Finance a Home Purchase with No Monthly

Payment

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(Yes, we’re serious!)

This might sound crazy, but there’s a little known way to finance a home purchase with no monthly mortgage payment.

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You bring the down payment and the bank finances the rest . . .

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With no monthly mortgage payments!

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All you have to do is live in the home and pay your required property charges (property taxes, homeowners insurance, etc.).

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As long as you do that, you never have to make a mortgage payment or pay back the loan balance. Wow!

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So, instead of paying 100% cash to avoid a mortgage payment . . .

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. . . you can finance part of the purchase and still avoid a mortgage payment.

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This keeps more of your nest egg in your pocket to use for other purposes . . .

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. . . like funding your retirement lifestyle!

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There’s just one catch . . .

(there’s always a catch, right?)

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You have to be at least 62 years of age and have reasonably decent credit and income.

(Having a down payment helps, too!)

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The exact down payment amount depends on your age, current

interest rates, and the purchase price of

the home.

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But for most people, the down payment is usually between 40% to 50% of the home’s purchase price.

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So what loan program offers this, anyway?

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It’s called the Home Equity Conversion Mortgage, or HECM.

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The HECM is a federally-insured reverse mortgage program that enables you to finance a home purchase with no monthly mortgage payment.

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As long as at least one borrower lives in the

home and pays the required property

charges, no mortgage payment is required

and the loan does not have to be paid back.

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You remain the owner of the home and are free to leave it to your heirs.

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The HECM is also a non-recourse home loan. This means the most that ever has

to be repaid is the value of the home.

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( Even if it’s not worth enough to settle the entire loan balance! )

This means you can finance a home purchase with no mortgage payment and not leave

a big mess to your heirs.

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Sound intriguing?

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Find out more about this fantastic home loan program!

Click here: myhecm.com

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© Copyright 2017 MyHECM.com. All rights reserved. MyHECM.com is not a mortgage lender or broker and does not offer or market reverse mortgages directly or indirectly to consumers. MyHECM.com is solely an informational resource.