If you live in Nashville and are at least 62 years of age and are looking for a home that is more cost effective, FirstBank, a reverse mortgage lender in Nashville recommends discussing a HECM for Purchase. Traditionally, if a borrower lives in their home, a HECM reverse mortgage allows you to borrow against the equity in your home without having to make monthly mortgage payments as long as you are living in the property. However, a HECM in Nashville can also be used to buy a new home.
Recent trends have been changing with the rise in baby boomers retiring, Chris Brundige of FirstBank Mortgage says that he has seen an increase in the HECM for Purchase.
How Does a HECM for Purchase Work?
When you buy a home using FirstBank’s HECM for Purchase program, you can obtain a new home by making one large down payment and combine it with a HECM in Nashville to make up the difference in the purchase price. Most times a borrower will make a down payment of 50% or less of the purchase price of the property, and by utilizing the HECM to purchase the house will have flexible monthly mortgage payments to make on the loan in the future. Borrowers are required to pay taxes, insurance(s) any HOA dues and up keep of the property, but they will have no set monthly mortgage payments for as long as they live in the property. This allows seniors 62+ to get into a home for half the money and have flexible monthly payments.
What can a HECM for Purchase be used for?
- Single-family homes.
- Townhomes and duplexes (2- to 4-unit homes with 1 unit occupied by the borrower)
- FHA-approved condominiums
- FHA-approved manufactured homes.
- New construction homes require a certificate of occupancy
FirstBank requires all borrowers to attend HECM counseling prior to acquiring a HECM. If you are interested in the program and would like to learn more about how FirstBank’s flexible mortgage program could help extend the life of your retirement plan and put your largest asset to work for you, Chris Brundige, a licensed HECM lender in Nashville, would be glad to help you. Please call Chris Brundige at
901-472-1301 to learn more about your options or visit http://reversemortgagelenderintn.com for more information.
*Homeowner is still responsible for paying property taxes, insurance, and property maintenance.