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Updated over 8 years ago,
HECM Purchase for Seniors?
Earlier on as I began my REI studies, I discovered that HECMs (Home Equity Conversion Mortgages, a.k.a. "Reverse Mortgages") have a feature where by a senior can actually purchase a home using an HECM if they have enough cash on hand to make up the difference between the purchase price and the proceeds from the HECM.
The part I don't seem to be able to find is how much of the purchase can be paid with an HECM and how much cash equity is needed.
Looking for anyone on BP who is knowledgeable about HECMs and can provide some guidance. Otherwise, I'll to pay for a HUD Counselor to see if I can gather the numbers I need to see if it would be viable for me.
David J Dachtera