HECM for Purchase Program (H4p)
A Financing Option for borrowers 62 and older
Introduced in 2009, the HECM for Purchase Program is available to seniors who are purchasing a new home for their primary residence.
H4p provides senior borrowers with the leverage of a loan, but without loan payments*. Down payment requirements are considerably larger than a forward loan.
Preserve Cash for Retirement
H4p is better classified as a cash purchase alternative than a forward loan substitute. Compared to a cash purchase, H4p borrowers will preserve 50-75% of the purchase price (loan amounts are based on age) to fund their retirement.
Borrowers can use the H4p program to:
The following links provide detailed information about the HECM for Purchase Program:
- Move closer to the kids or healthcare
- Relocate for retirement
- Leverage available cash into a more expensive home
- Preserve cash to fund retirement
General information about the HECM for Purchase Program.
Borrower and property requirements for H4p.
*HECM borrowers are responsible for payment of property taxes, homeowners insurance, and the maintenance of their home.