Buying a Home

Home Equity Conversion Mortgage for Purchase (H4P)

Did you know there’s a financing option specifically for homebuyers who are age 62 and older, which can help you get the funds you need to buy the home you want?

How does it work?

With H4P, you can purchase a home by combining a one-time investment of your own funds (down payment) with loan proceeds from a Home Equity Conversion Mortgage (HECM) to complete the transaction. As with a traditional “forward”mortgage, the home you are purchasing secures the loan.

However, unlike a traditional mortgage, monthly mortgage payments are optional, which can help increase your cash flow. You own the home as long as you live in it. The loan does not have to be repaid until you sell the home or no longer live there as your primary residence. In order for the loan to remain in good standing, you must meet certain home ownership obligations — which include maintaining the property, and keeping current with property-related taxes and insurance payments.

The cash required (down payment) typically ranges from 29% to 65%, depending on your age. (The older you are, the more reverse mortgage proceeds you can receive.) This down payment range assumes closing costs will be financed into the loan.

To learn more, contact me today to get your free Home Buyer’s Guide.

Larry McAnarney
HECM for Purchase Specialist, NMLS #21059
Call 815-703-4745 | Lmcanarney@mutualmortgage.com

Corporate NMLS # 1025894
1 E 22nd St. Ste 401, Lombard, IL 60148

 

Verified Reviews

(195)

Professionalism & Cordiality Larry deserves 5 stars! Larry handled and explained the reverse mortgage questions promptly from the beginning with professionalism and cordiality. He was very thorough in the coverage of reverse mortgage issues and explained them with clarity and patience. We have relied on his feedback and documentation in order to make decisions.

George & Violet M — Apr 13, 2017

Larry is the Best Lender Larry McAnarney is the best lender I have worked with in a very long time. I am a realtor and was in escrow with a lender that kept making errors. I found Larry and he got everything done, explained the details, and was on top of everything. He anticipated every need before it came up. I think what he provides in the stressful home purchase process is peace of mind.

Bonnie B — Feb 6, 2021

Excellence! I am very impressed with the work everyone involved put into my reverse mortgage. I felt fully informed going through this process and every question was answered completely and quickly. I would recommend Larry to anyone who asks about getting a reverse mortgage.

Diane S — Aug 30, 2022

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