• 704-605-0301
  • golfrealty@carolina.rr.com

I can be your Realtor to Purchase your next home as your Realtor for a HECM Purchase.

Reverse Purchase Mortgage is a highly successful program and provides a wonderful opportunity to people who are 62 years or older to move to a home more suitable for aging. Perhaps living closer to family members and services or a single level home or an active adult community will be the best choice! The purchase reverse mortgage option allows you to minimize your cash requirement (and keep more money in your retirement savings), get more home for your money and have no mortgage payments to make. Why take money from taxible retirement income when you can get down payment money from the reverse mortgage and not have to pay income taxes on it? Keep your money in your investments and let it continue to grow and maximize your funds.

How does the reverse mortgage purchase program work?

The money sources for your new home purchase comes from your down payment (money you have in investments or bank accounts, or from the proceeds of the sale of your residence) and funds from the reverse mortgage. The reverse mortgage agreement is that you pay the bank or lender back after you leave
your home permanently. Therefore there are no monthly payments during the time you occupy your home. Based on age of the youngest borrower, the current expected interest rate and purchase price of your new home, we calculate your down payment (HECM Lender).

  • You can live in your home as long as you like.
  • There are no payments required until the last homeowner leaves the home permanently.
  • You must occupy your new home within sixty days of closing!

NO MORTGAGE PAYMENT ever - age 62 or older - FHA HECM (Home Equity Conversion Mortgage) Loan Program for Seniors over 62 - The HECM is FHA's reverse mortgage program that enables you to withdraw some of the equity in your home. You can also use a HECM to purchase a primary residence if you are able to use cash on hand to pay the difference between the HECM proceeds and the sales price plus closing costs for the property you are purchasing.

As little as 44% down - New Construction, Existing Home or FHA approved Townhome or Condo. You will never have a Mortgage Payment as long as you maintain the home as your Primary Residence.

Example - Information is for illustravtive purposes only. Interest Rates and funds available may change daily without notice.

Your Money Down - No Monthly Mortgage Payment Ever
You Pay your Insurance, Taxes and any HOA fees

If you live in a 2 story home with the bedroom up.
If you live in a large home and want a smaller home.
If you have no mortgage now and your home is paid off.

You can sell your current home - take the equity and use that equity to Buy another Home using this FHA backed Loan with NO MORTGAGE PAYMENT EVER.

Home Value

  • 150,000
  • 200,000
  • 400,000
  • 600,000

Age 62

  • 80,736
  • 107,186
  • 210,986
  • 312,786

Age 65

  • 78,486
  • 104,186
  • 204,986
  • 303,786

Age 70

  • 75,036
  • 99,586
  • 195,786
  • 289,986

You continue to live in your home and retain title to it.

No monthly mortgage payments are required for as long as you live in the home and continue to meet your obligations to pay your property taxes, homeowner insurance and home maintenance.

Closing costs and ongoing fees (such as the FHA Mortgage Insurance Premium) can be financed with the reverse mortgage loan so you pay nothing upfront or during the life of the loan.

If your home increases in value in the future, you may consider refinancing your reverse mortgage to access even more cash.

Loan proceeds are not taxable.

Social Security and Medicare are not affected.

As the borrower, neither you nor your estate will ever owe more than what your home is worth—even if your home decreases in value when it comes time to repay your loan.

Any remaining equity after the reverse mortgage is paid off belongs to you or your heirs.

The HECM FHA loan program link can be found by a search with "hecm loan"
Seniors looking to downsize to a smaller home may search on these keywords:

  • hecm loan for
  • purchase
  • reverse mortgage
  • adult communities
  • 55 and over communities
  • maintenance free living
  • maintenance free homes
  • 62 and over housing
  • downsize your home

This mortgage program allows you to use your money to select what you want to do instead of having all your money tied up in your home


Bernie Kaminsky
Golf Realty
2425 Mullis Ln
Matthews, NC 28105
Call : 704-605-0301
email: golfrealty@carolina.rr.com   

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