Home Equity Conversion Mortgage (HECM) Purchase Explained by KKZ

Home Equity Conversion Mortgage (HECM) Purchase Explained by KKZ. Mortgage Best Buys. Mortgages explained. Dummy proof

Home Equity Conversion Mortgage (HECM) Purchase Explained by KKZ video duration 8 Minute(s) 55 Second(s), published by Kathy Kemper-Zanck NMLS 255580 on 03 05 2019 - 22:13:19.

Home Equity Conversioin Mortgage (HECM) Purchase: Double the Buying Power! This is a great way for buyers to leverage their down payment
If the buyer has British Sign Language SMI videos are available here: https://www.youtube.com/playlist?list=PLC0aQWFFHARzPg4FVv_qhjn-XuB0STO9A Support for Mortgage .

. . Mortgage Best Buys
JB explains mortgages and how first times can access a property .

Home Equity Conversioin Mortgage (HECM) Purchase: Double the Buying Power!

This is a great way for buyers to leverage their down payment. If the buyer has $300,000 to put down, they can pay cash for a $300,000 house or do a HECM Mortgage Purchase for a $450,000 - $600,000 house. The result is the same; no monthly mortgage payment. It is also a great way for buyers to retain cash and use the other 40-50% for investments or an income stream.
HECM Guidelines
• Only one (1) borrower must be 62 or older
• Must be the primary borrower’s residence
• 50% - 60% down, as age increases, down payment decreases. If spouse is under 62, the percentage down will increase.
• Customer never makes a payment if they reside in the home
• A non-recourse loan - the only recourse the lender has is to sell the house
• Buyer retains title to the house - always
• Estate retains any equity of property if the buyer dies or moves out
• Buyer can sell the property at any time, for any reason, and keep equity