Rick Bonetti SRES Senior Faire

Did you know that there is a program that allows seniors (62 years and older) to purchase a new home without taking on a new monthly mortgage payment?  It will enable seniors to:

  • Purchase a primary residence more suitable for their current needs (ie. single story vs. two story)
  • Purchase a home in a senior housing community
  • Move into a new home that’s easily accessible with modern amenities
  • Downsize to a smaller, easier-to-maintain home
  • Relocate closer to friends and family members

    • A reverse mortgage is a non-recourse loan that enables senior homeowners (age 62 and older) to convert a portion of their home’s equity into tax-free funds.  A new twist on a reverse mortgage  is called a Home Equity Conversion Mortgage (HECM) For Purchase and it is currently offered by Wells Fargo.

    HECM is an FHA-insured reverse mortgage than enables senior homebuyers to purchase a new primary residence and obtain a reverse mortgage in simultaneous transactions with no monthly mortgage payments.  HECM allows buyers to combine reverse mortgage proceeds with a down payment from their current home sale or other assets, to purchase a new home.

    Features of the Home Equity Conversion Mortgage (HECM) For Purchase program are:

  • There are no income, health, employment, or credit-score qualifying requirements2
  • The amount of funds clients can qualify for is based on their age, the property’s value and current interest rates
  • Funds may be obtained in a lump sum, monthly payments, a line of credit, or a combination of any of these options
  • Applicants must agree to participate in a counseling session with a HUD approved agency
  • Homeowners retain title to the property and continue to own their home
  • Loan proceeds are not considered income and will not affect Social Security or Medicare benefits.

    • My job as an Alain Pinel Realtor and Seniors Real Estate Specialist (SRES) is to help you make the best move to a new home.  Please call Rick Bonetti at 408-857-8800 when you are thinking about selling your home; I have many resources available to assist you.

    Yesterday I was at a Seniors Resource Faire in Campbell, CA where I met  Jeff Thompson, Wells Fargo Reverse Mortgage Consultant.  All he does is reverse mortgages and he seems to really know his business.  Call Jeff at 408-385-1244 for specific information about reverse mortgages.

    Disclosure:  Borrowers must be age 62 or older. Consult a tax advisor. Reverse mortgage borrowers are required to obtain an eligibility certificate by receiving counseling sessions with a HUD-approved agency. Family members are also strongly encouraged to participate in these informative sessions.   Monthly reverse mortgage advances may affect borrower eligibility for other programs. Consult either a local FHA program office or an attorney to determine how, or if, monthly reverse mortgage payments might affect a specific situation.

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