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, Hempfield, Lititz, 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.