US Inflation and What To Do About It Message Board

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Strategies & Market Trends : US Inflation and What To Do About It

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To: ggersh who wrote (484)	5/22/2014 10:43:43 PM
From: John Vosilla	Read Replies (2) of 1504

Why You Should Learn About The HECM For Purchase Program If you or your spouse is at least 62 then this new FHA program can help you move into a new home without having to deplete all your life savings — and save you thousands of dollars you would have otherwise lost in the process. What’s even better is you don't have to wait for your existing home to sell either. But help is now available through a new FHA mortgage program, known as the Home Equity Conversion Mortgage, or HECM for Purchase Program. This little known program has been available since January, 2009 and you may be wondering why you haven’t heard about it until now. The likely reason is because currently most banks do not offer it. The FHA developed the program because it noticed seniors were selling their homes, buying smaller, more affordable homes and then taking out reverse mortgages on the new properties. That meant they were paying closing costs twice — first on the real estate closing, and a mortgage if they needed one to make the purchase, and then again when they switched to a reverse mortgage. hecmprogram.com

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