The National Reverse Mortgage Lenders Association released two free toolkits today for real estate agents and homebuilders who work with older homebuyers. The guides explain a mortgage financing option specifically for buyers aged 62 and older called “HECM for Purchase.” The Home Equity Conversion Mortgage for Purchase is a federally insured reverse mortgage that allows seniors to buy a new principal residence using loan proceeds from the reverse mortgage, without requiring a monthly principal or interest payment.
"HECM for Purchase offers greater flexibility to retirees and near-retirees as they prepare for the next stage of their lives. But because the product is still relatively new, many older buyers are not aware that there is an alternative to paying all-cash for a new home or securing financing with a traditional mortgage,” said NRMLA President and CEO Peter Bell. “NRMLA’s new toolkits will help real estate agents and homebuilders recognize scenarios when a HECM for Purchase might meet their clients’ needs.”
Both guides provide real estate professionals with the background information they need to introduce the concept of HECM for Purchase to older homebuyers.
Using a Reverse Mortgage to Buy a Home: A Toolkit for Real Estate Agents includes:
An overview of HECM for Purchase
A profile of buyers who may benefit from this option
A quick reference guide and glossary of key terms
Tips for writing the contract
Guidance for finding a qualified reverse mortgage professional
The free toolkit is available for download from NRMLA’s resource page for Realtors and Agents, which also includes links to a HECM for Purchase webinar and two webcasts about buying and selling homes with reverse mortgages that were produced with the National Association of Realtors®.
HECM for Purchase: A Homebuilder’s Toolkit includes:
An overview of HECM for Purchase
A profile of buyers who may benefit from this option
A quick reference guide and glossary of terms
Guidance for finding a qualified reverse mortgage professional
The free toolkit is available for download from NRMLA’s resource page for Builders and Remodelers.
Older homebuyers who are interested in learning more about HECM for Purchase can visit NRMLA’s consumer education website reversemortgage.org for additional information.
About the National Reverse Mortgage Lenders Association
The National Reverse Mortgage Lenders Association (NRMLA) is the national voice for the industry and represents the professionals responsible for more than 90 percent of reverse mortgage transactions in the United States. All NRMLA member companies commit themselves to a Code of Ethics & Professional Responsibility. Learn more at www.nrmlaonline.org and NRMLA’s consumer education website www.reversemortgage.org.
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