Susan Pomfret, Senior VP of the HECM Lending Division at Cross Country Mortgage, LLC shares information on HECM for Purchase. A Home Equity Conversion Mortgage (HECM) for Purchase allows those 62 and older to purchase a primary residence, there is also a Reverse Mortgage for Purchase product for those 60 and older.
Borrowers are realizing the benefits of using a HECM for Purchase and how they can improve their retirement and live a more financially stress-free retirement.
Disclaimers: All loans subject to underwriting approval. Certain restrictions apply. Call for details. NMLS3029 (www.nmlsconsumeraccess.org) Rhode Island Licensed Lender. CrossCountry Mortgage, LLC is an FHA Approved Lending Institution and is not acting on behalf of or at the direction of HUD/FHA or the Federal government. To obtain a HECM, you must attend HUD Approved Counseling available at little to no cost and receive a certificate of completion that will be required during the application process. You will be responsible for property taxes and homeowner’s insurance and upkeep of the property.
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