At HECM for Purchase Homes in Tampa, FL, we help older adults retire in class. We assist people 62 and older in the purchase of homes using a unique type of mortgage that leaves them never making another monthly mortgage payment. The debt never needs to be paid off as long as you live in your home, pay your taxes and insurance and maintain your home.
The Home Equity Conversion Mortgage, or HECM for Purchase Program, was created under the Housing and Economic Recovery Act of 2008. This is a viable option when retirement income, savings, and social security benefits are not providing you with enough revenue to cover your expenses.
The program is an aged-based mortgage backed by the Federal Housing Authority (FHA). This program is unlike more traditional loans because monthly payments are deferred and the loan balance increases over time. Since the FHA backs the loan, the buyer or their heirs are not financially responsible for the debt. A borrower receives 100 percent of the net proceeds after paying off the loan balance at the time of sale.
In many cases, this is your best chance to get financial freedom and enjoy your retirement years.