If you are age 62 or older and are ready to downsize, upsize, move closer to family, move to a low-maintenance community, or finally buy your “dream house, ” consider a Home Equity Conversion Mortgage (HECM) for Purchase (H4P). H4P is a federally insured loan program offered through the Federal Housing Administration (FHA), specifically designed for homebuyers purchasing a new primary residence. You can get a home that’s rightsized for you, while preserving your savings—and the home will be in your name, just like a traditional mortgage.
The H4P program allows buyers to combine a down payment with loan proceeds to purchase a new home and not make a loan payment* as long as they live in the home. H4P can increase your purchasing power, and make it easier to afford the home you want.
The most important feature of this type of loan is that there is NO personal financial liability for the buyer(s), their heirs, or their estate for any loan balance that exceeds the value of the home when it is being sold to repay the loan.
If you are interested in learning more about this program give Adam Wilson with Exit Realty a call at 864 423-5646 or e-mail @ cameronwilsonthree@gmail.com♦
