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Jumbo Reverse Mortgages Up To $4,000,000!

Reverse Mortgage For Refinance & Purchase

A reverse mortgage for purchase can help improve your purchasing power and get you into the home of your dreams sooner.  

  • Simple to qualify for because there is no minimum credit score and  generally no income requirements.
  • Heirs inherit the home and keep any remaining equity after the balance of the reverse mortgage is paid off.
  • A reverse mortgage loan is a non-recourse loan. This means that neither you nor your heirs are personally liable for any amount of the mortgage that exceeds the value of your home when the loan is repaid.
  • If your home increases in value in the future, you may be able to refinance your reverse mortgage to access your equity.
  • No monthly mortgage payments are required for as long as you live in the home and continue to pay your property taxes, homeowners insurance and maintain the property.

HECM Reverse Mortgage for Purchase

Did you know that you can use the equity in your current home to purchase a new home, not make a mortgage payment, all without paying all cash?
You may have heard about reverse mortgages and how they can help you tap the equity in your current home to help with living expenses. But did you know that you can also buy a new home with a reverse mortgage?  it's true, and here's the best part you’ll never need to make monthly mortgage payments on your new home as long as you live in the property, pay the property tax and insurance, and maintain the home.
What is HECM for Purchase?
A Home Equity Conversion Mortgage (HECM) for Purchase is a reverse mortgage that allows seniors age 62 or older to purchase a new primary residence using loan proceeds from the reverse mortgage.

Borrower age:

• HECM Reverse Mortgage for Purchase: Exclusively for home buyers age 62+. The age requirement for Non-HECM Reverse Mortgages is 55.

Repayment requirements:

• HECM Reverse Mortgage for Purchase: Flexible repayment feature — The borrower can choose to repay as much or as little as they like each month or never make any monthly principal and interest payments. The flexible repayment feature makes it easier for a buyer to afford the home they really want, preserve more savings and retirement assets, and improve cash flow. As with any mortgage, the borrower must keep current with property-related taxes, insurance, and maintenance as part of their ongoing loan obligations. Repayment is generally required once you sell the home, pass away, move out or fail to meet your loan obligations.

Down payment amount:

• HECM for Purchase: Requires a down payment between approximately 45% to 62% of the purchase price, depending on the borrower’s age or Eligible Non-Borrowing Spouse’s age, if applicable. The rest of the funds for purchase come from the new HECM Reverse Mortgage 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.

 Eligible Property Types: 

Single-family homes; FHA-approved condominiums; townhouses or Planned Unit Developments (PUDs); 2-to-4 unit homes that are owner-occupied; and manufactured homes meeting HUD guidelines.

Protection against owing more than your home is worth:

• HECM for Purchase: A Federal Housing Administration (FHA)-insured program, HECM for Purchase, has a non-recourse feature, which means the borrower can never owe more than the home is worth when the loan is repaid. The home is the only source of repayment regardless of the loan balance at maturity.

Let’s take a look at an Purchase example:

John and Sophia want to sell their home in Los Angeles and purchase a retirement home on a golf course in Palm Springs. Also, they do not want a mortgage payment on the new purchase.
They should clear about $975,000 after selling their current home. The new home will cost $1,500,000, which means they can’t pay cash to avoid a mortgage payment.
If they use a Reverse Mortgage for purchase based on their age, they can get a new loan of $705,000, leaving them with a down payment of $795,000, which will leave them with over $150,000 cash to use however they like, and No Mortgage payment.




 Moe Nelson - Forward & Reverse Mortgage Loan Advisor - NMLS #992923 - BRE #00582319 This licensee is performing acts for which a real estate license is required. C2 Financial Corporation is licensed by the California Bureau of Real Estate, Broker # 01821025; NMLS # 135622. Loan approval is not guaranteed and is subject to lender review of information. All loan approvals are conditional and all conditions must be met by borrower.   Loan is only approved when lender has issued approval in writing and is subject to the Lender conditions. Specified rates may not be available for all borrowers. Rate subject to change with market conditions.  C2 Financial Corporation has the ability to broker VA loans based on their relationship with VA approved lenders. C2 Financial Corporation is not acting on behalf of or at the direction of HUD/FHA or the VA. C2 Financial Corporation is an Equal Opportunity Mortgage Broker/Lender.