how hecms work
For Purchase Loan Closing Costs
The HECM For Purchase program could make it possible for you to relocate and live closer to your family or downsize to a home that better fits your current and future needs. What charges should you expect to pay if you use this HECM program?
- The same costs you’d normally have if you buy or sell a home
- The same reverse mortgage fees that you pay for other HECM programs
- Both of the above
“C” is correct. The cash you use to make up the difference between the purchase and the available HECM funds may come from savings or investments, a retirement account, proceeds from the sale of other residence or other property, an insurance settlement, inheritance, or gift from a family member (no strings attached), or a grant from a nonprofit agency.