HECM For PurchaseThe HECM for Purchase is a type of reverse mortgage within the family of FHA’s Home Equity conversion Mortgage. It allows seniors, age 62 or older, to purchase a new principal residence using loan proceeds from the reverse mortgage resulting in no principal or interest payments for as long as the last borrower remains in the home.

Real estate agents will benefit from taking this class by increasing their business by understanding the availability of a product that is available to clients 62 and older, increased referrals and by understanding how this product can increase the average sales price of homes sold. Most importantly, real estate agents will have the comfort and self-satisfaction of knowing they have helped their senior clients improve their lifestyle greater than they dreamed possible. (That is a hint to one factor that will increase referrals).

Below is an outline of our course

  • Introduction to HECM
  • Separating Myths from Reality on the Reverse Mortgage
  • Borrower & Property Eligibility
  • Understanding the Purchase Transaction
  • The Ethical & Moral Implications of the Reverse Mortgage
  • Understanding the Senior Demographic
  • Ethical and Effective Marketing Strategies for the Senior Demographic