Reverse For Purchase

joel-clements-2AczZCEfIpo-unsplashThe Home Equity Conversion Mortgage (HECM) for Purchase allows seniors at least 62 years of age to purchase a home through a reverse mortgage. This can be a valuable option for seniors who need a new home that better meets their physical needs or who wish to move closer to family members.

You DO NOT make monthly payments on the new house because this is a reverse mortgage product. However, unlike a traditional reverse mortgage, HECM for purchase loans require a down payment. This must be paid by the borrower. The typical down payment required is based on the borrower’s age. The older the borrower is, the lower the down payment requirement will be. HECM for purchases are subject to the same guidelines as a standard HECM loan.

Contact

Branch Address
9611 Acer
Ste. 103
El Paso, TX 79925
(915) 383-5460
millieg@mutualmortgage.com

 

Corporate Address
Mutual of Omaha Mortgage Inc.
3131 Camino Del Rio N, Suite 1100
San Diego, CA 92108
(877) 721-3847

Social Media

Licensing

Millie Garcia, NMLS #207625:
Serves in AZ, NM, TX, CO, CA, FL

 

Alesia Dutton, NMLS #1162848:
Serves in NM, TX

nmlsconsumeraccess.org

Equal Housing Opportunity