However, you are still responsible for property taxes, homeowners insurance and property maintenance costs.Generally, you don’t have to pay back the money for as long as you live in your home. However, you, your spouse, or your estate would repay the loan when the owner no longer ...
The HUD 203 (b) mortgage program provides loan insurance for first time homebuyers or for individuals who may not have an adequate down payment or credit to qualify for a traditional mortgage. This loan is only to be used to purchase or refinance a primary residence. To qualify for this mor...
If they do wish to sell maybe to downsize, move closer to their children or to purchase the home of their dreams, theHECM for Purchaseprogram gives them the option to purchase without having to make monthly principal or interest payments. And maybe even create a line of credit for future n...
HECMfor Purchase Pursuant to instructions provided in Mortgagee Letter 2009-11 mortgagees have been responsible for evaluating the finances of mortgagors seeking a HECMpurchase mortgage with respect to the following: When the mortgagor intends to retain their existing home as a rental ...
All program descriptions are for informational purposes. This flyer is not intended to promote any specific loan program or product nor intended for consumer use. The details of any specific loan scenario shall be set forth in a written loan estimate as required by law. Not affiliated with FHA...