The Home Equity Conversion Mortgage (HECM) is a little understood strategy for increasing your business and one of the most overlooked resources in marketing to retiring Baby Boomer Buyers and Renters. A HECM for Purchase has opened new opportunities not only for Senior Home Owners, but also for you. Realtors now have a reason to market to the fastest and largest growing demographic in the country - over 10,000 people a day in America are turning 62.
A HECM for Purchase loan is designed help Seniors buy their next home, combining proceeds from the sale of a previous residence with a reverse mortgage – all within a single transaction. Realtors leveraging this unique mortgage tool may help Seniors purchase homes they might not normally think they could afford. Some benefits for you and your Senior clients:
How can a HECM increase your commissions?
- Senior clients can purchase a more expensive home using less cash up front.
- Provides you with a sales channel –Senior renters who can now become Buyers.
- Save a deal by leveraging an easier to qualify financing alternative for credit or cash challenged Seniors.
- Increase your listing presentation success by setting yourself apart from the competition. Promote another way for a Senior to buy your listing.
- Reduce days-on market by showing other Realtors how to turn their shoppers into Buyers of your listing.
- Generate more referrals by thinking outside the box and creating happier clients that actively promote you.
What’s in it for your Senior clients?
- They get to purchase a home that better fits their lifestyle need without the added financial burden.
- It allows Seniors an opportunity to leverage their purchasing power and acquire the dream home that they thought seemed out of reach.
- Your Senior client gets to retain retirement funds for other more important lifestyle or unexpected future needs.
Some informative news articles for your buyers:
Kiplingers: Buying a Home with a Reverse Mortgage
Forbes: Can You Use A Reverse Mortgage To Purchase A New Home?
WSJ: A Reverse Mortgage to Buy a Home? Here's How