Financing: HECM

If you are 62 years of age or older you may qualify for an exceptional mortgage loan known as a HECM, a home equity conversion mortgage. If you are planning on paying cash for your new custom home, this is a great option to save a lot of out of pocket expenses or to buy a lot more home for the money.
For example, with a HECM loan you can purchase a $300,000 new home for a one time payment of approximately $150,000. That means you could keep $150,000 of your cash cash in your bank account! If you are older than 62 the one time payment will be less.
Let’s say you wanted to invest $300,000 in your new custom home, you could actually purchase a new home worth $600,000 (with a one time payment of only $300,000) using a HECM loan – that’s twice as much home as you thought you could afford!
Here are the basics:

  • – Make a one time payment for your new home
  • – You only pay property taxes and homeowner’s insurance each year
  • – You pay your HOA dues (if applicable)
  • – You make no payments, ever
  • – Interest is added to the principle balance of your home loan
  • – When you and your spouse pass (if you are buying your home like this), the home is sold, the loan balance is paid off by the sale proceeds and the remainder goes to you estate!

Get a FREE online pre-qualification today, call or text (863) 640-2246 now or contact us online now so you can start enjoying your new Florida home and lifestyle sooner rather than later!