Penny H. Phillips NMLS #204553
Reverse Mortgages, or Home Equity Conversion Mortgages, are one of the most misunderstood loan products in existence today.
We have been helping seniors with these for many years, and will be happy to sit down with you and explain how they work, what your options are, and answer any questions.
Then, if you are ready, we will guide you every step of the way.
Whether you would like to eliminate a mortgage payment or credit card debt, or maybe just add to your rainy day fund to help cover unexpected expenses.
A Home Equity Conversion Mortgage (HECM) for Purchase is a reverse mortgage that allows seniors, age 62 or older, to purchase a new principal residence using loan proceeds from the reverse mortgage.
Down payment amount • HECM for Purchase: Required down payment between approximately 29% and 63% of the purchase price, depending on buyer’s age or Eligible Non-Borrowing Spouse's age, if applicable. (This range assumes closing costs will be financed.) The rest of the funds for purchase come from the HECM loan. This allows the buyers to keep more assets to use as they wish, as compared to paying all cash, while still having the flexibility of no required monthly mortgage payments.
For senior homeowners who obtained a reverse mortgage several years ago, now they are older, and their house has gained value creating additional equity for them to tap into.
We can show seniors how to use Reverse Mortgages to both save money and expand your buying power on a new home purchase.
22394 Miflin Road, Suite 201A, Foley, AL 36535
Monday - Friday: 9am - 5pm
Saturday: By appointment