Improve your purchasing power and increase your cashflow.

Combine a reverse mortgage with the equity from the sale of your previous home, or from other savings, to buy your next home. A Home Equity Conversion Mortgage (HECM) for Purchase Loan from AAG can help you get "more home" without mortgage payments.*

What is a HECM for Purchase Loan?

A HECM for Purchase Loan, also known as a Reverse for Purchase, is a government-insured loan that gives homeowners 62 and older the convenience and flexibility to purchase a new home while eliminating mortgage payments. You make a down payment and let your HECM for Purchase loan from AAG cover the rest. And yes, you read that correctly, no mortgage payments as long as you continue to pay for property taxes, homeowner’s insurance and keep the home maintained.

Eliminate Monthly Mortgage*

Eliminate Monthly Mortgage*

Free up cash to cover other important expenses, such as health care, paying bills or simply spoiling the grand kids.

Improve Your Purchasing Power

Improve Your Purchasing Power

Use the funds from a reverse mortgage to purchase “more home” and improve your cashflow.

Right-Size to the Right Home

Right-Size to the Right Home

Move closer to family and friends or match your lifestyle needs with a lower-maintenance home.

*You cannot lose your home under normal circumstances and so long as you pay your property taxes, homeowner’s insurance, maintenance costs and otherwise comply with the loan terms.

Who is a HECM for Purchase Loan Good For?

Reverse mortgage for purchase loans have helped older Americans nationwide purchase a home that best suits their retirement goals and lifestyle.

The Maximizer
Increasing your purchasing power with a HECM for Purchase allows you to afford more home with your cash investment.
The Right-Sizer
Clear away years of clutter, or right size to a home that better suits the needs for your next phase in life.
The Streamliner
Create financial flexibility and increase your retirement cash flow by buying a home with no monthly mortgage payments. (Borrower must continue to pay for property taxes, homeowner’s insurance and maintain the home.)
The Family Gatherer
Have you considered buying a home closer to the special people in your lives—your friends and family? Use a HECM for Purchase to move closer to the ones you love.

How a HECM for Purchase Loan Works

A HECM for Purchase loan combines a reverse mortgage with the equity from the sale of your previous home – or from other savings and assets – to buy your next primary home in a single transaction. Regardless of how long you live in the home or what happens to your home’s value, you only make one initial payment toward the purchase, provided that you pay property taxes, insurance and maintain the property.

 

Who Qualifies for a HECM for Purchase Loan?

  • You must be age 62 or older (a non-borrowing spouse may be under age 62).
  • Your new home must be your primary residence (borrowers must occupy the property within 60 days of closing).
  • You must have a sufficient down payment to purchase your new home and meet the financial requirements of the HECM program.

 

Features and Safeguards

The HECM reverse mortgage product has been improved over the years so that it can better meet the needs of older Americans. Today, there are important safeguards in place to ensure that it can continue to help consumers like you for years to come.

  • You must complete reverse mortgage counseling with an independent counseling agency.
  • You must undergo a financial assessment to ensure you are able to meet the financial obligations of the loan, which includes the ability to pay your property taxes and homeowners insurance.
  • If your spouse is younger than 62, they can qualify as an eligible non-borrowing spouse and remain in the home even if you leave or pass away, so long as they continue to meet all loan obligations. (Borrower must continue to pay for property taxes, homeowner’s insurance and maintain the home.)

Want to purchase a home with over 50% down and no monthly mortgage payment*? Learn how! Call AAG today.

1-866-842-5611

Get our FREE, NO OBLIGATION Info Kit

Or chat with one of our home equity specialists by calling (800) 224-9121

Have you had a Bankruptcy or Foreclosure in the past 2 years?
Have you been more than 30 days late on any mortgage payments in the past 12 months?

TEST

Get our FREE, NO OBLIGATION Info Kit

Or chat with one of our home equity specialists by calling (800) 224-9121

Have you had a Bankruptcy or Foreclosure in the past 2 years?
Have you been more than 30 days late on any mortgage payments in the past 12 months?