HECM for Purchase Calculator
This HECM for Purchase Calculator provides an estimate of the expected down payment and the benefits borrowers may receive from the Home Equity Conversion Mortgage for Purchase (HECM for Purchase) program. At least one of the homeowners must be at least 62 years of age to qualify for this federally backed program. The HECM for Purchase program is a financial tool that allows homeowners to purchase a new home using the proceeds from the sale of their previous home while financing the remaining balance with a reverse mortgage. It provides a way for homeowners to relocate without taking on monthly mortgage payments in retirement.
How To Use It
This calculator was designed with ease of use in mind. Simply provide an estimate of your homes purchase price, the state where the house is located and the borrower's date of birth. This calculator will then present you with an estimate when it comes to what you may qualify for. Individual lender estimates may vary.
Disclaimer
The information provided by this calculator is for illustrative purposes only and accuracy is not guaranteed. The default figures shown are hypothetical and may not be applicable to your individual situation. Be sure to consult a licensed reverse mortgage professional prior to relying on the results. This calculator does not have the ability to pre-qualify you for any loan program. Qualification for loan programs may require additional information such as credit scores and cash reserves which is not gathered in this calculator. Mutual of Omaha Mortgage does not guarantee any of the information obtained by this calculator.
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