You may qualify for a
62 years of age or older and want to purchase a new principal residence. A HECM (Home Equity Conversion Mortgage) enables seniors to within a single transition to purchase a home without the need for a second closing. The program also enables senior homeowners to relocate to be closer to family, downsize their home to meet physical needs. Such as ramps, one level properties, handrails, wider doorways, and so on. Eligible properties....
Land Contracts can also be used to satisfy outstanding payment obligations. As long a the property will be used as collateral for the HECM and the mortgage will be held in a fee simple or under a renewable leasehold under 99 years or not less than 50 years beyond the date beyond the 100th birthday of the youngest registered mortgagor. Ineligible Properties....
Tax and insurance as well as other set asides for the property are allowed. Gift down payments... are not allowed, however withdrawals from the savings or retirement accounts would be an acceptable funding source. Cash advances toward the required monetary investment or closing costs are not allowed. No seller concessions or financing allowed. All existing liens must be satisfied. No indebtedness or subordination behind the firs and second HECM liens. Mortgagor can not obtain a secured or non secured loan from any other asset. Mortgagor may not...
60 day occupancy, prior to closing the mortgagor could agree to a physical date of occupancy and the lender should confirm occupancy prior to their submission to the case binder to the local HOC for endorsement.