Posted on November 27, 2013 - 03:10 PM
by Tina Beshara
If you are 62 years or older, and have a chunk of change to invest for your retirement residence (say 40-55% down) and not make another loan payment...FHA's Home Equity Conversion Mortgage (HECM) loan product may be for you! Typically loans of this type (considered a reverse mortgage) were previously not used for new purchases.
Today's market shows many having liquid funds in good supply (surprising?). Keep in mind as you may be nearing retirement age, or perhaps have parents in this age group that this option may work well by enabling one to maintain their current investments (not having to pay all cash up front); maintaining lifestyle choices; and financially assist empty nesters in downsizing. For additional information click here.