Reverse Mortgage for Home Purchase: Fairway Mortgage Spotlight
Here at Jess Lex Homes, we value our vendor partners and the work that they do for our downsizing clients. We have curated a robust vendor list, called our Downsizing Directory, that contains resources for every stage of your process. If you haven’t requested access to our Downsizing Directory yet, you can request a copy here.
We’d like to highlight one of our fantastic vendors, Scott Harrod with Fairway Independent Mortgage Corporation. Read on as he introduces himself and what his business can do for you while you’re downsizing.
Vendor Spotlight
Reverse Mortgages for Home Purchase with Scott Harrod
Fairway Independent Mortgage Corporation
Hi there—I’m Scott Harrod, a loan officer at Fairway. If you’re 62 or older and feel your dream home is out of reach, consider a Home Equity Conversion Mortgage for Purchase (H4P) loan. This innovative solution can make your dream home a reality, offering a financial lifeline in today’s challenging housing market.
Many older adults find relocation compelling for many reasons, including downsizing, moving closer to family, enjoying single-story living or embracing a low-maintenance lifestyle. However, many hesitate to move due to concerns about affordability, new mortgage payments or draining retirement savings.
Enter the Home Equity Conversion Mortgage for Purchase (H4P)
Launched by the U.S. Government in 2008, the H4P loan is an innovative alternative for buyers 62 and over. Available through FHA-approved lenders like Fairway, it helps older Americans transition into more suitable homes while preserving their savings.
Key Features
- Down Payment: 45%-70%* of the purchase price, depending on the youngest borrower’s age, current interest rates and the home’s value.
- No Monthly Mortgage Payments: Repayment can be deferred as long as you live in the home, maintain it as your primary residence and cover essential property charges like taxes and insurance.
- Interest and Fees: These accumulate over time, but voluntary payments can reduce the loan balance.
- Loan Repayment: Due when the property is no longer the principal residence and typically settled by selling the home. Heirs can sell, walk away or keep the home by repaying the loan balance or 95% of its appraised value, whichever is less.
An H4P loan can make your dream home attainable and secure your financial future. Reach out today to find out how a Reverse Mortgage can help you in your downsizing journey.
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