Vicki Cheairs , Caps Email & Phone Number

The HECM for Purchase: Learn how to purchase your Dream Home with as Little as 50% Down - and NEVER make a monthly mortgage payment . If you or your spouse are at least 62 then this new FHA program can help you move into a new home without having to deplete your life savings or make monthly mortgage payments. Available since January, 2009 in other states, and approved by Texas voters Nov 2013. FHA developed the program as a result of seniors selling their homes, buying smaller, more affordable homes and then taking out reverse mortgages on the new properties, thus incurring closing costs twice — first on the real estate closing, and a mortgage if they needed one to make the purchase, and then again when they switched to a reverse mortgage. The new HECM for Purchase Program allows seniors to buy a home directly — paying closing costs only once, says Bill Glavin, special assistant to the commissioner of the FHA. A sale of an existing home may not be necessary and is not part of this transaction. The HECM for Purchase Program is an age-based mortgage insured by FHA for folks 62 and older. Unlike a traditional mortgage, monthly payments are deferred and the loan balance increases over time. Since the loan is backed by FHA, neither the borrower(s) nor their heirs are personally liable for the debt. The primary benefit of the HECM for Purchase, aka Reverse Mortgage for Purchase , is you are not required to make any monthly payments, thereby increasing your monthly cash flow. The secondary benefit is for your heirs. Any equity remaining after loan repayment goes to you or your estate, but IF the value of your home were to have decreased and your loan balance were to be greater than the value of your home, neither you nor your heirs are personally liable to cover the difference. Property taxes, insurance, HOA and maintenance must continue to be paid. Branch Address: 14415 Sugar Mill Circle, Houston, TX 77095, Branch NMLS # 2446330 Company NMLS ID # 957935. For licensing information, go to: www.nmlsconsumeraccess.org. For additional licensing and disclosures, please visit: : https://longbridge-financial.com/licensing/texas-state-licensing-information/ All opinions expressed are my own and do not necessarily represent the position of the company.

Listed skills include Mortgage Lending, Reverse Mortgages, Fha, Loan Origination, and 20 others.