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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:
  • Downsize
  • Move closer to the kids or healthcare
  • Relocate for retirement
  • Leverage available cash into a more expensive home
  • Preserve cash to fund retirement
The following links provide detailed information about the HECM for Purchase Program:

H4p Overview
General information about the HECM for Purchase Program.

H4p Eligibility
Borrower and property requirements for H4p.

*HECM borrowers are responsible for payment of property taxes, homeowners insurance, and the maintenance of their home.
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HECM Basics
12 Facts
Borrower Qualifications
The Loan Process
Financial Assessment
Who Owns the Home?
Who Owns the Equity?
When is the Loan Due?
A Non-Recourse Loan
It's Your Money
HECM for Purchase

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First Federal
Savings Bank
NMLS 402963
1880 S Eagle Rd
Meridian, ID 83642

dcook@bankfirstfed.com
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Home | HECM Basics | 12 Facts | Borrower Qualifications | Loan Process | Financial Assessment
Who Owns the Home? | Who Owns the Equity? | When is the Loan Due? | A Non-Recourse Loan | It's Your Money
| HECM for Purchase |
Copyright© 2019 Doug Cook FDIC & Equal Housing Lender Logo
HECM borrowers are responsible for the payment of property taxes, homeowners insurance, and the maintenance of their home. Rates and fees vary by lender. All credit products subject to approval. Information presented was not created or approved by HUD/FHA.
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First Federal Savings Bank | 1880 S Eagle Rd | Meridian, ID 83642
Institution NMLS: 402963

www.MortgageFirstFed.com/dcook
www.BankFirstFed.com

First Federal Savings Bank provides HECM Reverse Mortgage lending in the states of
Idaho, Oregon, Washington, Montana, Wyoming, Utah and Nevada.
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