Use our HECM for Purchase (H4P) calculator to instantly get an estimate of your required one-time down payment (which can be applied from proceeds from the sale of your current home) and see how much HECM for Purchase funds you might be eligible for on a property value of your choosing.
See What You May Qualify For
THE FIGURE AND GRAPHS ABOVE ARE INTENDED AS AN ESTIMATE ONLY, BASED ON THE HOME VALUE AND BORROWER AGE YOU HAVE PROVIDED.
YOUR ACTUAL LOAN AMOUNT MAY DIFFER BASED ON MARKET CONDITIONS AND APPLICABLE FEES IN YOUR AREA.
For this example, EXPECTED RATE has been set at for an adjustable-rate HECM. Rates are subject to changing market conditions. The “Lender Contribution” is the total loan amount provided by the lender to support your home purchase.
This is not a commitment to lend nor a loan approval. Following the closing of the home purchase, no further principal or interest payments will be required as long as one borrower occupies the home as their primary residence and adheres to all HUD guidelines of loan. Borrower must remain current on property taxes, homeowner’s insurance (and homeowner association dues, if applicable), and home must be maintained.
See What You May Qualify ForA Different Way to Buy a Home in Retirement
Home purchases have traditionally required either all cash or a mortgage with monthly payments.
A Home Equity Conversion Mortgage for Purchase (H4P) offers an alternative for homebuyers age 62+. By contributing a portion of the purchase price (typically 45%-70%*), the remaining balance is financed through the loan.
There are no required monthly mortgage payments, provided you meet the loan obligations (must pay taxes and insurance and maintain the home). This structure can help preserve more of your savings while still enabling you to purchase the home that fits your needs.
In short, an H4P loan offers homebuyers the best of both worlds.
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