HECM for Purchase (H4P) Loan
Ready to learn more about how an H4P can help you buy the new home of your dreams? Would you like to move to a house with modern amenities? Maybe you’d like to move closer to your children and grandchildren. Is your home too large now that the nest is empty? Whatever the reason, you might be wishing for a new home but didn’t think it was possible.
In the past, your options were limited, but now there’s a way for you to achieve your dream of a new home: the Home Equity Conversion Mortgage for Purchase (H4P for short). The H4P lets seniors aged 62 and older purchase a home with approximately 50% down, helping you retain more of your financial nest egg.
Even better, with H4P you’ll never make a mortgage payment as long as you live in the home.*
To be eligible:
- You must be 62 or older
- You can only use the mortgage on your primary residence (vacation homes are ineligible)
- The money used for the down payment must come from checking, savings, investments, gifts, or an existing house sale (it cannot come from money acquired through debt)
- You must be able to maintain the home and pay property taxes plus insurance.
H4P can provide seniors with powerful advantages
If you’re eligible and want to move into a new home, the H4P can provide:
- Greater home purchasing power
- The ability to move into a home that better fits your needs
- Reduced out-of-pocket expenses since there is no monthly mortgage payment*
- Being able to retain more of your life savings
- You keep the title to your home
*Must maintain property as primary residence and keep property taxes, insurance, and HOA dues current.