Reverse Mortgages for Financial Professionals

Reverse mortgage for purchase loans are real estate gamechangers

Reverse mortgage for purchase loans are real estate game changers

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A Reverse Mortgage For Purchase Can Help Your Clients Make the Move

A reverse mortgage for purchase, also known as a Home Equity Conversion Mortgage (HECM) for purchase, allows homeowners aged 62 or older to buy a new home without the burden of monthly mortgage payments. Instead, homeowners just have to take care of property taxes, homeowner’s insurance, and maintaining the home.

This unique financial tool combines the equity from the sale of your client’s previous home and/or other savings with a reverse mortgage to purchase their new home.

Here’s how it works. You client makes a substantial down payment—typically around 50% of the home’s purchase price—and the reverse mortgage covers the remaining balance. This can greatly increase home buying power, enabling retirees to move to more expensive areas and homes than they otherwise could afford.

As you know, many seniors would love to move closer to family or to low maintenance, new construction homes but think they can’t afford to on a fixed income. As a real estate professional, knowledge of the HECM for purchase loan can help you open new possibilities in life for countless people. As a bonus, you can also grow your business.

See How She Used a Reverse to Purchase Her Dream Home

The HECM for Purchase Can Help Your Senior Clients:

Move closer to family
Move closer to friends

Buy a home that suits their lifestyle
Live where they love to vacation

Upsize, downsize or right-size
All while protecting retirement assets

Here Are Three More Reasons to Learn About HECM for Purchase Loans:

1. Gain a Competitive Advantage

By becoming an expert in reverse mortgage for purchase loans, you can offer a unique and valuable service that differentiates you from other realtors. Additionally, seniors using a HECM for purchase can have far greater purchasing power, which can lead to higher priced homes and bigger commissions for you.

2. Expand Your Client Base

According to the National Association of REALTORS® Research Group, people 58 to 67 years of age represented 23% of home buyers in 2023.** Understanding reverse mortgages for purchase can help you serve this growing demographic more effectively and grow your business in the process.

3. Increase Client Satisfaction

By by knowing about and offering reverse mortgage loan suggestions, you can provide a tailored solution that meets the financial and lifestyle needs of senior clients. Senior clients who live in homes they really love will be more satisfied and may offer you more referrals in return.

400 Leslie Kight Reverse Mortgage Loan Specialist and Branch Leader

I’m Here to Help You Help Your Clients

With almost 30 years of experience in the mortgage industry, I have gained specializations in a variety of loan products, with Reverse Mortgages being a personal favorite due to the many benefits they offer to seniors.

I have helped countless professionals assist their own senior clients with reverse mortgage loans, and I am more than happy to help you, too. Please reach out to get more information, ask questions, or to get started with a particular client.

Your Future Financing Starts Here

Whether your clients would like better cash flow, want to move closer to family, or have other needs or goals, I’m here to help.

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*Consult a tax professional
**https://www.nar.realtor/sites/default/files/documents/2023-home-buyers-and-sellers-generational-trends-report-03-28-2023.pdf