OurTime Reverse Mortgage

HECM aka: Reverse Mortgage is a financial tool for folks age 62+ that want to use the equity in their home without having to make ever make monthly principal or interest payments. Do you dream about moving closer to family, downsizing or just finding a place that better meets your lifestyle needs? An FHA loan for folks who are 62 and older which allows you to purchase your home by making a one-time down payment and never make a monthly mortgage payment. Hi, I’m Bret Doman, your North Carolina HECM for purchase specialist and reverse mortgage expert and I help folks 62 and older enjoy a better-quality retirement by helping them minimize their risk and maximize their resources. Like my Mom; she did a HECM for purchase back in 2012 and that’s the loan I’m going to tell you about today. The loan was created by HUD in 2009 in part of the House and Economic Recovery Act. And it’s a great alternative to paying cash or using traditional financing. Conventionally, you’d have to pay all cash to avoid having a monthly mortgage payment, but with the HECM for purchase, you can simply put down between 30%-50% of the purchase price and never make a monthly mortgage payment. So, how does it work? The HECM for purchase is like any other loan, except that the loan doesn’t become due until the last remaining borrower eventually either sells or leaves the home. To qualify, one person must be at least 62 or older and HUD requires that you complete a mandatory counseling session prior to application. The reason for the HUD counseling is to make sure that this loan is right for you and I always suggest you discuss it with your family. With traditional financing, your loan balance goes down all the time because you’re making monthly payments. Using HECM for purchase, your loan balance increases all the time because you’re not making payments. One of the great things about the HECM for purchase is that it’s a non-recourse loan. Learn more at: ourtimereversemortgage.com/