NEW MORTGAGE | HOME PURCHASE | REFINANCE | VA HOME LOAN | USDA | FHA HOME LOANS

Team Smolke The Team That Delivers The Dream! Call Now 520-431-8604

There are no discussions yet.

  • • Eliminate monthly mortgage payments*

    •Pay less upfront investment

    • Lower your cost of living during retirement


    At Peoples Mortgage, we offer the Home Equity Conversion Mortgage (HECM) program

    which may help you purchase your retirement home without a monthly mortgage

    payment!* HECM is a Federal Housing Administration (FHA) insured home loan that allows

    those 62 years or older, to use the equity from the sale of a previous residence to buy

    their next primary home in one transaction. Regardless of how long you’ll live in the home

    or what happens to your home’s value, you only make one initial investment (down

    payment) towards the purchase.


    Eligibility

    • Eliminate monthly mortgage payments*

    •Pay less upfront investment

    • Lower your cost of living during retirement

    • All borrowers on the loan must be >62

    • Difference between the purchase price of the new

    home and the HECM loan proceeds must be paid

    in cash from qualifying sources such as sale of prior

    residence or other assets/savings

    • Primary Residences only

    • SFR, 2-4 units, or FHA-approved condo

    • Must complete HUD approved couseling session

    Call today for more information!

  • Category
    General
  • Created
    Tuesday, 08 August 2017
  • Group admin
    Jerry Norlander