On Saturday, June 3 from 8:00 p.m. – 3:00 a.m., Online Banking and Mobile Banking will be unavailable due to scheduled maintenance.
On Saturday, June 3 from 8:00 p.m. - 3:00 a.m., Online Banking and Mobile Banking will be unavailable due to scheduled maintenance.
On Saturday, June 3 from 8:00 p.m. - 3:00 a.m., Online Banking and Mobile Banking will be unavailable due to scheduled maintenance.
The Home Equity Conversion Mortgage (HECM) is a reverse mortgage that has rapidly become part of the financial planning world. No longer considered a loan of last resort, the new and improved HECM could help those who may be on the lookout for a new home while utilizing their existing home equity. Considering that your home may be your largest asset, you owe it to yourself to learn more about the HECM.
If you (or your spouse) are at least 62 years old, you may be able to take advantage of a Home Equity Conversion Mortgage for Purchase, or H4P for short. The H4P allows you to:
*See below for more information
** must maintain the property as a primary residence and keep property taxes, insurance, and HOA dues current
H4P Buyer Requirements:
Eligible Properties:
Down Payment
Down payment will vary based on the age of the youngest borrower, the current expected rate, and the appraised value of the home. The older the youngest borrower is the smaller the down payment. Please reach out to us for specific numbers. Max value of the home is capped by FHA at $765,600.
Not Allowed for Down Payment:
Allowed Sources of Down Payment:
Kathleen Brown
Director of Mortgage Sales
NMLS #1330847
EMAIL | PHONE | CELL
Dave Fuchs
Regional Mortgage Sales Manager,
Oregon Pike, Lancaster
NMLS #1330847
EMAIL | CELL
Kristen Lacy
Regional Mortgage Sales Manager,
Capital Region, Traditions Mortgage
NMLS #1330847
EMAIL | CELL
We love questions! Fill in the form below to let us know if there is anything we can answer for you. Please be careful NOT to include details such as your social security number, account number, or other identifying information in this form.
The Home Equity Conversion Mortgage (HECM) is a reverse mortgage that has rapidly become part of the financial planning world. No longer considered a loan of last resort, the new and improved HECM could help those who may not necessarily need cash now, but wish to secure the longevity of their savings. This could be an effective way for seniors to supplement expenses or prepare for unexpected costs, such as medical bills. Considering that your home may be your largest asset, you owe it to yourself to learn more about the HECM.
*Must comply with terms of mortgage
**Specific details will be discussed during the required financial assessment
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