Have You Heard About HECM?

Houston Real Estate Podcast with Dale Ross

I’m so excited to tell you all about a new purchase program called the Home Equity Conversion Mortgage!

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I just learned about a new program called the Home Equity Conversion Mortgage (HECM), and I’m excited to share the details with you today.

HECM is a purchase program that enables those of retirement age, 62 or older, an incredible opportunity to purchase a very nice home and never have to make a mortgage payment.

Let’s say you’re 68 years old and selling your home to move to a different one, and now that your home sold, the different home you want to purchase costs $175,000. That would require an $84,836 premium to close. With HECM, you could purchase that $175,000 home with just $84,836 and never have to make another mortgage payment.

This is the best program for the retirement age group I have seen to date.

As another example, if you were 78 years old and wanted to purchase a $400,000 house, it would require just $159,013 and you would never have to make a monthly mortgage payment.

There are no income requirements for this program, and it’s one of the best I’ve ever seen for people of this age group in all my years of experience.

If you have any questions, please feel free to reach out to me with a phone call or a quick email. I look forward to hearing from you!