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HECM For
Purchase: an important mortgage option
A
reverse mortgage is an important option that can help homeowners
age 62 and older improve their lives. However, many people
aren't aware that a reverse mortgage can be used to purchase a
home through the Home Equity Conversion Mortgage (HECM) for
Purchase program.
So,
what exactly is a HECM for Purchase? Simply put, a HECM
for Purchase helps you purchase a home by taking out a reverse
mortgage on that home, without the financial impact of monthly
mortgage payments.* Borrowers may, for example, use a HECM
for Purchase to relocate to a home that's closer to family
members, more physically accessible, or "right-sized" for their
needs.
"A
HECM for Purchase is a great option for older adults, because it
can help them attain a house that's right for their needs
without having to go through the traditional mortgage process -
and their credit history and income are not a factor" says
Bill Thomas, Reverse Mortgage Consultant for MetLife Bank.
HECM for
Purchase: the facts
-
A
HECM for Purchase enables borrowers to buy an existing one-
to four- unit home or condo by taking out a reverse mortgage
on that property.
-
The loan proceeds are applied toward the home purchase.
In one transaction with one closing, the buyer uses cash on
hand to make a substantial down payment (usually 40% to 50%)
that covers the property's sale price and closing costs
minus the HECM proceeds.
-
As with any reverse mortgage, the loan must be repaid -
including the principal plus accrued fees and interest -
when the last surviving homeowner permanently moves out of
the home or passes away.
-
The borrowers - not the bank - own the home, and can
continue to live in it for as long as they want. The
homeowners must continue to pay property taxes, have
homeowners insurance and maintain the home.
-
A
U.S. government guarantee ensures that the borrowers and
their estate will never owe more than home's fair market
value. If the home is sold for less than the loan
balance due, the U.S. Department of Housing and Urban
Development (HUD) will pay the lender the shortfall.
If it sells for more than the amount due, the borrowers or
their estate keeps the net proceeds.
There is
a lot of information and resources available to help you learn more
about the HECM for Purchase process. MetLife Bank offers free,
educational materials to consumers who may be interested in a HECM
for Purchase or would like more details. For more information
about a HECM for Purchase from MetLife Bank, contact at (866)
808-2019.
"A
HECM for Purchase can free up your money for other needs, and
it's a great way to get more out of life," notes Thomas.
Only
applicable for the purchase of a single family unit dwelling to
be occupied as a principal residence.
Program, rates, fees, terms and conditions are not available in
all states and subject to change.
*Although there are no monthly mortgage payments, interest
accrues on the portion of the loan amount disbursed.
All loans are subject to property approval. Certain
conditions and fees apply.
Mortgage financing provided by MetLife Bank, N.A., Equal Housing
Lender.
©2010 METLIFE, INC R0610111506[exp0611][All States][DC]
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First in our New Series : Focus on Florida |
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What a
difference a year makes!
by Marty Galindo
 As
we go into 2011 we are starting to see
encouraging signs of change in the active
adult real
estate market in Central Florida - a change
for the better.
2010 came to a close with positive changes
starting to occur; many communities are now
reopening their doors. Cascades of
Groveland which had closed its doors
in 2008, has been reopened by California
based Shea Homes. Shea Homes has purchased
the remaining home sites and has plans to
complete a 38,000 square foot amenity
center. The community has been renamed
Trilogy Orlando by Shea Homes,
making it Shea homes second active adult
community in Central Florida  since
opening up
Victoria Gardens in Deland in 2007.
DR Horton, one of America's largest home
builders, has entered the active adult
market in Central Florida with their
acquisition of
Arlington Ridge, a golf course
community in Leesburg (which had also closed
its doors in 2008).
Another builder entering the active adult
market is Canadian based Minto Homes with
the ir
purchase of the remaining home sites from
WCI communities in
Sun City Center. Minto Homes has
begun building new homes in both Renaissance
and Kings Point at Sun City Center, located
just south of Tampa.
Del Webb has reopened their Orlando
community,
Del Webb Orlando (formerly known as
La Cresta) and they’re currently hard at
work on their new 30,000 square foot
Montecito club house which is scheduled to
be completed in April of 2011. Del Webb
Orlando is located in Davenport just south
of the
 Orlando
area.
2010 has also brought the grand opening of
Heritage Hills by Lennar Homes in Clermont.
Lennar Homes has also purchased home sites
in the active adult communities of
Tampa Bay Golf and Country Club
located In San Antonio (just north of Tampa)
and
Cascades at Southern Hills in
Brooksville. These changes are bringing
renewed excitement into a market that has
been sitting idle for several years.
With the opening of so many new communities
featuring the latest designs in active adult
lifestyles, homes responsibly designed with
building “green” in mind, and pricing that
reflects today's market values, Central
Florida is starting to see the positive
effects of these changes as evidenced by
increased sales. 
One example is GL Homes. They have sold
over 100 homes in 2010 in their community of
Valencia Lakes located in Wimauma,
just south of Tampa.
We are starting to see hustle and bustle in
new home construction in all of the active
adult communities throughout Central
Florida. These positive changes that are
occurring are bringing the biggest change,
and that is the change in consumer
confidence that hasn’t been seen in years.
Marty Galindo is the broker/owner of Follow
the Sun Tours and Realty.
They offer a 2 day, 6 community tour of
Central Florida, giving you the ability to
witness first hand the positive changes that
are happening in Central Florida active
adult real estate market.
For more
information visit their website at
www.followthesuntours.com
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Spotlight Communities |
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ActiveAdultDating |
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Welcome to
ActiveAdultDating.com!
 The best active adult dating community specializing in
helping eligible 50+ active singles find compatible people
for
possible dates. Many of our members are successful, well-educated
and active in body and mind.
Join the active adult dating service to find love, soul mate
or just to share a hobby or common interest. Women and Men
here are sincere and very interested in meeting people
locally or from around the world, for friendship, romance,
love, pen pals and marriage.
ActiveAdultDating.com offers you a great platform to
meet activity partners, travel companions and dream lover!
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Reset Your
Biological Clock |
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Stay Active, Vital & Energized
Work hard, play hard and keep doing what you love well into your 80s, 90s or 100s.
That’s not wishful thinking – it’s a medical reality. With new breakthrough technology, you can stay active and keep moving like a 50-year-old right through the age of 100.
 You’ll find the keys to this rejuvenation in
Reset Your Biological Clock, the revolutionary new book from renowned integrative physician and natural health expert Dr. Al Sears, M.D.
He reveals an exciting breakthrough that can enable you to turn on your anti-aging genes and reduce the effects of 10 to 20 years of aging. Find out how you can look 30% younger … reverse your genetic clock and recreate the body you had in your 20s …
If you want to stay independent and do more than you ever thought you could,
click here to get started…Last year, the Nobel Prize in Medicine was awarded for something you probably haven’t heard about. Researchers discovered the primary cause of human aging – the long-sought-after “genetic clock” – and how to halt aging in its tracks.
Dr. Al Sears has been involved in this cutting-edge technology since its beginning.
You can now use this Nobel Prize to knock years off your age and live healthier and longer than ever before. Read below to discover how to turn back your genetic clock, reverse the aging process, overcome fatigue and
look years younger...
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Classified
Advertisements |
 LEISURETOWNE
61 Chatham Place, NJ
Single 2-Bedroom, 1.5 Bath with Garage $129,900.
Call Melody at (609) 841-0311
(Oct/Nov/Dec/Jan) |
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Oregon Trail, Diamond, Illinois
Small 55+ community, 5 minutes to Interstate, only 2 bedroom 2
bath duplex available. Like new and with a location that
offers exceptional privacy. Big bright, abundant windows,
vaulted ceilings, end unit surrounded by green space and view
from patio is decorative pond. $178,000 Call Lynn
(815) 955-3762 or Email
LynnWalters2@Hotmail.com
(September) |
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 WOMELSDORF,
Pennsylvania 19567
Stonecroft Village - 2 yr old 1,624 sq ft home, nice
landscaping, 2 car finished garage, 2 BR, 2 baths, LR,
DR,
ceramic tile in kitchen, baths, and laundry area,
hardwood floors,
oak cabinets and Corian counters, all appliances
included, stone
gas fireplace, gas
line on patio, raised vanity in both baths.
$259,900.
Call B. Bryant at 610-589-4209 or email
babsbee23@yahoo.com.
(July)
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EDGEWATER PRESERVE, New
Hampshire
The region’s first Certified Green Active
Adult Community. Only 8 homes to be built - each
on it’s own lot – with conservation land, deeded river
access and membership in a nearby Golf Club included.
Each home will be custom designed for the buyer and the
site by Kathy Beaman, Certified Green Professional and
Certified Kitchen Designer. Starting at $199,900.
Contact Kathy at
(603) 239-4265
or Email
kathy@thebeamangroup.com
(Oct/Nov/Dec/Jan)
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THE POND WAY is located in Church
Hill, MD 21623
The Pond Way is an active 55+
community. All units offer 1-3
bedrooms with main level master,
upgraded kitchen, warming fireplace
and a garage. Offered at
$158,000-$182,000.
Contact Gina Powers and Mary Elaine
Casson from Long and Foster (410)
310-3715 or email
elaine.casson@longandfoster.com,
Web Site
www.JimmyWhiteHomes.com
(Ongoing)
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 OAK
POINT, MIDDLEBOROUGH, MA 02346
Oak Point is the
biggest and best active adult community in Southeastern
Massachusetts. Our Energy Star®
can help reduce your monthly expenses, while our
multi-million dollar Clubhouse and wide range of on-site
activities add more enjoyment to your life. Enjoy fewer
living expenses and more living! Web site
www.oakpointhomes.com or call (877) OAK POINT
(Ongoing) |
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 THE
CASCADES, Bonita Springs FL Furnished single level
family home 2/2+den, 2C garage. Upgrades screened
dbl door entrance, marble, dbl vanity in mstr, tile,
carpet, cathedral ceilings, screened lanai. Gated
community, Har-tu tennis, fitness, spa, yoga, pilates
w/sauna, showers, indoor/outdoor pool, 28,000 sq ft
clubhouse includes cards, billiards, art classes,
dinner/dances. Shopping and dining 1 mile. Lease term
min 90 days at $1500 month + 6% FL state tax + 3% Lee
Cty bed/resort tax. Additional non-refundable $125
exit cleaning fee + $75 credit/background check.
Joyce (219) 718-6616 or email
coughlin616@comcast.net |
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 White
Township (Belvidere), Warren County NJ Active Adult
Community 55+ Single family home, 1835 SQ, 2 B/R,
2 Full Baths, Den/3rd B/R, EIK, Great Room, Formal
Living Room & Dining Room, 2 Car Garage, Top of the Line
upgrades, Low Taxes, Maintenance Fee $125 monthly
includes all lawn maintenance, snow removal, trash
collection, clubhouse facilities including exercise
room, billiards, library, heated outdoor pool, bocce,
tennis courts. $419,900 Call (908) 475-4608 /
(908) 797-1790 |
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Lisa LaCount
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