Mortgage Program for Seniors

 

Couple

Lancaster County is full of great neighborhoods for seniors to set up residence. Whether you’re interested in an exclusive over-55 community – like Four Seasons at Elm Tree located in Mount Joy or Brookshire located in Manheim – or just a great place to call home, Lancaster has many options. There are great, low-maintenance neighborhoods through the county in Manheim Township, HempfieldLititz, and more.

While many older folks may be interested in finding a new place to call home, the idea of taking out a mortgage at their age or using a large portion of their savings to do so is often so daunting they decide not to make a real estate purchase. However, there is a financing program that many are unaware of especially designed for senior citizens to make it possible to buy a new home! This program is called the HECM for Purchase Program.

 

Here’s what you need to know about HECM for Purchase:

  • Must be 62-years or older (if married couple, youngest person must be 62)
  • Monthly payments are deferred and loan balance increases over time, including interest
  • There are no monthly mortgage payments – EVER
  • The loan is backed by the FHA
  • No employment or minimal income needed
  • Home must be your primary residence
  • Closing costs are included in the mortgage

Many people think this type of financing program sounds too good to be true. That there must be a catch. But the fact is, many home buyers – and home owners for that matter – are not always well informed about various mortgage programs that are available. There are a lot of options through a lot of different lenders – and the HECM for purchase program is a great option for folks over 62.

If you have more questions, or want more information on the program, please don’t hesitate to contact us.

 

 

 

 

 

 

 

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