The Home Equity Conversion Mortgage (HECM) program, which is more commonly referred to as a "reverse mortgage", has become more widely recognized these days due to increased exposure from mainstream media. More and more homeowners, realtors and financial professionals are coming to understand how a reverse mortgage works. One area of reverse mortgages that is still new to many people is the HECM for Purchase (H4P) option. This allows a borrower who is 62 or older to use a reverse mortgage to buy a principal residence. It's becoming increasingly popular as more and more senior homeowners continue to sell and buy homes. The National Association of Realtors conducted a recent survey titled " Home Buyer and Seller Generational Trends " which shows a trend emerging among baby boomers. The findings show that 30% of baby boomers (nearly 24 million people) have recently purchased a home, and that 43% (roughly 33 million) have recen...
