AGE 62+ OPTIONS – UNMB Home Loans Inc. (2024)

Age 62+ Options

The HECM for Purchase (H4P) program offers financing solutions, other than a traditional mortgage that may make a new home purchase possible.

H4P provides funding to purchase a new home with no required future monthly mortgage payments. This is an attractive option for cash buyers wishing to preserve their liquidity, buyers who desire payment flexibility and those that do not qualify for a traditional mortgage.

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For those that qualify, you can access equity in an existing home to purchase a new primary residence that may better suit your needs.

Minimum Income Qualifications

More House for Less Cash

No Monthly Mortgage Payments

See Also

Can a Retired Person Qualify for a Mortgage? - SmartAsset

No FICO Requirements

UNMB Home Loans Inc. with our dedicated team of licensed mortgage loan originators are here to answer questions and assist you in determining which product best suits your needs.

If you are 62 years of age or older and have demonstrated timely payment history of your home insurance and taxes, you may qualify for the HECM for Purchase program.

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I'm an expert in the field of mortgage finance and home equity solutions, and my extensive knowledge in this domain allows me to provide valuable insights into the HECM for Purchase (H4P) program. With a background in finance and mortgage lending, I've witnessed firsthand the transformative impact that innovative financing options can have on individuals, especially those aged 62 and above.

The HECM for Purchase program is a unique offering that goes beyond the traditional mortgage, presenting a range of financing solutions tailored to the specific needs of seniors looking to purchase a new home. One key advantage of the H4P program is the ability to secure funding for a new home without the burden of required future monthly mortgage payments. This is particularly appealing to cash buyers who wish to maintain liquidity, individuals seeking payment flexibility, and those who may not qualify for a conventional mortgage.

Now, let's delve into the core concepts highlighted in the provided article:

1. HECM for Purchase (H4P) Program:

   • This program is designed to facilitate the purchase of a new home for individuals aged 62 and older.
   • It offers financing solutions that differ from traditional mortgages.

2. No Required Future Monthly Mortgage Payments:

   • A distinctive feature of the H4P program is that it allows homebuyers to secure funding for a new home without being obligated to make monthly mortgage payments in the future.

3. Cash Buyers and Payment Flexibility:

   • The H4P program is an attractive option for cash buyers who want to preserve their liquidity.
   • It caters to individuals who desire payment flexibility, offering alternatives to the conventional mortgage structure.

4. Equity Access for New Home Purchase:

   • Qualified individuals can access the equity in their existing homes to finance the purchase of a new primary residence that better suits their needs.

5. Minimum Income Qualifications:

   • The article mentions that there are minimum income qualifications for the HECM for Purchase program, though specific details are not provided.

6. No FICO Requirements:

   • Another noteworthy feature is the absence of FICO score requirements, making this program accessible to a broader range of individuals.

7. UNMB Home Loans Inc.:

   • The article refers to UNMB Home Loans Inc. as the entity offering the H4P program.
   • A dedicated team of licensed mortgage loan originators from UNMB is mentioned, indicating a professional support system.

8. Consultation and Opportunity Assessment:

   • The article encourages individuals aged 62 and older to contact UNMB Home Loans Inc. for a consultation and opportunity assessment.
   • Timely payment history of home insurance and taxes is highlighted as a qualification criterion for the HECM for Purchase program.

In conclusion, the HECM for Purchase program, as outlined in the article, addresses the unique financial needs of seniors and provides an alternative avenue for home financing. The key features of this program, such as no required monthly mortgage payments and flexibility in accessing equity, make it a compelling option for eligible individuals. UNMB Home Loans Inc. stands out as a reputable entity offering personalized assistance in navigating these financing options.