More than 350,000 seniors buy a home each year
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How Longbridge makes it easy:
HECM for Purchase at a Glance
What is it?
A Home Equity Conversion Mortgage (HECM) for Purchase is a reverse mortgage designed for senior home buyers, allowing them to purchase a new home without having to make monthly mortgage payments*.
Who is eligible?
Homeowners, ages 62 and older
How does it help older homeowners?
- Can help improve cash flow and preserve retirement assets
- Gives buyers more flexibility to afford the home they want or need
- Protects the estate from never owing more than the home is worth
* Borrower is responsible for property taxes, homeowner’s insurance, HOA and property maintenance in order for the loan to remain in good standing. A HECM is a home-secured loan that must be repaid upon default or a maturity event, such as when the home is sold, all homeowners have passed away, or the last surviving borrower no longer lives there as their primary residence.