Reverse Mortgage for Purchase

27 Jan

Reverse Mortgage for Purchase

Reverse Mortgage for Purchase

Wednesday, January 27, 2021 (11:00 AM to 12:30 PM)

Virtual NHMR Meeting

Learn how to make the purchase of a home easier and more affordable for clients age 62 or older.

You're Registered!

The HECM Reverse Mortgage for Purchase program is a great option for older borrowers to buy a new home without using all of their cash, or taking out a traditional mortgage. Buyers can use a HECM to finance part of the purchase price. This significantly reduces the

amount of out-of-pocket funds they must bring to the table. 

  • Buyers can save more of their proceeds from the sale of their current homes.
  • At closing, they only bring the difference between the reverse mortgage proceeds and the sale price.
  • There are no monthly mortgage payments, and the loan does not need to be repaid unless:

• The borrower sells the home.

• The home is no longer the primary residence of at least one of the borrowers.

• The borrower does not meet loan obligations, such as taxes, insurance or property maintenance

Presented by:
John Luddy, SVP, Reverse Lending

Rob Filippone, Branch Manager

Robert Filippone is a seasoned Mortgage veteran with over 25 years' experience in the industry. Rob has a strong background in supporting homeownership initiatives with focus on specialized programs available to home buyers. This passion dates back to his time as Regional Manager of Construction Lending and Renovation Financing. In addition to his role as Branch Manager at Norcom Mortgage, Rob currently sits on the board of Neighborhood Housing Services and the Advisory Council of Bridgeport Neighborhood Trust.

Virtual NHMR Meeting

Registrants will receive the Zoom Meeting link in the confirmation email

If you are unable to attend, please cancel your registration or contact the Association to cancel.