Normally, a reverse mortgage converts your home equity into cash that you can use to pay off a mortgage without burdening yourself with monthly payments or risking foreclosure. However, in 2008, the US Federal Housing Administration introduced new legislation HECM (Home Equity Conversion Mortgage) allowing seniors to use a reverse mortgage to buy a new home. HECM for purchases allows seniors to use their loan proceeds from the reverse mortgage to purchase their dream home.
STAY CLOSE TO FAMILY
Stay close to your family and friends by purchasing a new dream home right in their neighborhood.
RIGHTSIZE INTO A NEW HOME
Stay close to your family and friends by purchasing a new dream home right in their neighborhood.
DOWNSIZE FOR RETIREMENT
Use HECM for Purchase when you downsize and eliminate all monthly mortgage expenses.
HOW IT WORKS
Nelson is 70 years old. Many friends in his circle moved to a new, low-maintenance lifestyle community. Nelson was excited to join his friends in this community. At the same time, he didn’t want to pay a burdensome monthly mortgage payment or spend $450,000 in cash to purchase the home.
He was compelled to choose a less expensive home.
Thankfully, a friend told him about Reverse Mortgage for Purchase loans. Nelson realized that with this reverse mortgage, he only had to invest about 57% of the buying price. This allowed him to choose a more comfortable lifestyle. He could also keep more of the money from the sale of his old home while having the option of making no monthly principal and interest payments if he so chooses.
THE RESULTS
Brett Stumm Reverse Mortgage Difference
| Brett Stumm | vs | Competitors |
| ✅ | Latest Technology & Security | ? |
| ✅ | Online Meetings & Loan Processing System | ? |
| ✅ | Above & Beyond Level of Service | ? |
| ✅ | Competitive Rates | ✅ |
| ✅ | Number of lenders with work with | ? |
| ✅ | 30+ Years of Experience Mortgage Industry | ? |
Discuss Your Retirement Options with Brett
Discover the power of a reverse mortgage