The Home Equity Conversion Mortgage or HECM for purchase loan provides for a one time down payment that enables you to buy a home for a little more than half the purchase price with no mortgage payments for life. HUD insured HECM Loan.
The Bridge Loan.
This no fee short term loan option is great for seniors wanting to buy a new home prior to selling an existing home. Use this no fee bridge loan from Cherry Creek Mortgage to bridge the two without throwing away money on unnecessary fees.
The Senior Line of Credit.
If you are over 62, close today on the new purchase or in your existing home with the HECM line of credit that is FHA insured and allows flexibility in payments or no payments. This line of credit provides guaranteed interest accrual at a rate three times what the bank pays in standard savings accounts today. It offers the same government insurance with no risk and all the flexibility of coming in and out of the line of credit over your lifetime.
The Retirement Loan.
The minimal down loan built just for seniors that allow you to buy a home and have a mortgage payment for essentially less than what you would pay for rent. The payment can be fixed in for life. It can give you the security of owning a home while putting as little as 3% down.
The Recasting Loan.
“Recasting,” or “re-amortization,” involves paying off a lump sum of the principal amount and asking to have the monthly payments reset according to the original interest rate and loan terms. This option is great for seniors that want to buy a home and when they sell an existing home pay down the mortgage to the monthly payment they want to, but not have additonal paperwork or hassle.
Brandon Hansen is a Senior Adviser and a Managing Broker with Cherry Creek Mortgage. He has offices in St. George, UT, as well as the largest active adult community in the state of Utah, SunRiver St.George. His focus is primarily on his senior client’s with specific loans that deal with Seniors 62 and better.
Brandon is a licensed Investment Adviser Representative as well and holds all lines of insurance with the State of Utah. Cherry Creek Mortgage is currently one of the top forty mortgage lenders in the country as far as volume and Brandon is the largest lender in the State of Utah when it comes to Senior HECM FHA Insured loans.