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is a HECM for purchase a good way to buy? I am 83 and want to relocate when I sell my condo.

Must I sell my condo first or can I start the financing for the new home before putting my condo on the market?
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June 18 - Henderson
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Answers (3)

I'll pay the HECM fees if it's a better deal than doing a no closing cost mortgage, for the purchase, and paying it off when the condo sells. There's some rhetoric.

Is your condo complex on this list?
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June 19
Not sure what previous poster means by "mountain of fees" but this is typical rhetoric from someone who does not understand the program or the needs of today's seniors. It is not the right solution for everyone, but works quite well for many.  Without knowing more about your specific situation it is impossible to give meaningful advice as to which program would make the most sense for you except that you should most definitely consider the HECM as a possibility.  

The only difference in closing fees with a HECM for purchase and a traditional mortgage loan is the FHA mortgage insurance which is either 2.5% or 0.5% of the purchase price depending on which down payment option you choose. To the best of my knowledge, it is the only financing option available that does not require a monthly payment. I would recommend you find an experienced HECM for purchase lender and run the numbers side by side with other financing options.

Consider your own personal financial situation, monthly budget, and whether a traditional loan payment is affordable and if you have sufficient income to qualify.  

Whatever you decide to do, ignore the rhetoric. Get the facts and make an informed decision.
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June 19
You'll pay a mountain of fees between the HECM fees and the sales commission. There are probably better ways.

Do you have some cash savings? You could probably get a loan on the new house, with a minimum down payment, and pay it off when the condo sells, way cheaper than the HECM scenario. You may have to make a few mortgage payments, but the HECM would be snowballing at a similar rate.
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June 18
 
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