This document describes a Home Equity Conversion Mortgage (HECM) for Purchase program that allows seniors aged 62+ to purchase a home using the equity in their current home, without the need for ongoing mortgage payments. It outlines the minimal qualifications, benefits of no credit score or debt-to-income requirements, and how seniors can purchase a new home and have funds remaining. Examples are provided of how this program enables seniors to purchase the home they want or need even if they do not qualify for traditional financing.

1. HECM for Purchase
Reverse Mortgage Purchase
Program
Florian Steciuch
AVP, Reverse Mortgage Specialist
Top Flite Financial

2. Who Qualifies?
• Youngest on title must be
at least 62
• Owner-occupied property
only
• That’s it!

3. Features of Reverse Mortgage
• Minimal qualifications
• Not credit score driven
• NO mortgage payments
• Non-recourse feature (borrowers/heirs not
liable for loan)
• FHA insured

4. Why offer it to a buyer?
• Senior buyers may not qualify because of DTI
• Seniors may not qualify because of credit
score
• Seniors don’t want a mortgage payment this
point in their lives
• Purchaser can be more liquid and not have all
their assets tied up in home
• Allows them to buy a home they NEED

5. How does it work?
• Ages 62
• Recently sold their home and net proceeds were $104,000 –
they have no other funds
• Desire a home near children, doctor
• Townhome listed at $155,000
• But they want to pay cash, and do NOT want a mortgage
• Do you let them walk away – or
provide a solution?

6. The Solution- HECM for Purchase
• Max available to purchasers is $90,000
• Buyers can bring as little as $65,000 to closing
• Leaves them with NO mortgage AND
• $39,000 cash from the sale of their home
• They now have a more secure financial situation
• Which picture would you want to present – let’s find
a lower-priced home that you don’t really want – or
– find a home you need, never have a mortgage
payment, and have $39,000 in the bank?

7. Another Example
• Buyers, age 70, have home listed for $200,000 and will net
$185,000 after fees, etc.
• Have only $15000 in savings
• Interested in a new construction ranch, near children
$185,000 – want NO mortgage payment
• Home is not selling, you recommend dropping the price by
$10000 – that means they would net $175,000 and would
have to dip into savings to pay cash
• They balk at the recommendation and the house sits on the
market or -
• Offer a SOLUTION!

8. Here is the Solution-
• Reverse mortgage for purchase will provide up to $113,000
purchase dollars.
• They can access any or all of this amount
• They can say “yes” to your recommendation, sell the house
quicker
• They purchase the new construction sooner too!
• They have a much improved financial situation-
• NO mortgage payment, a house they NEED and – if they use
just $10000 of the available amount, they have access, tax-
free, to over $100,000 as a credit line

9. Summary of benefits for the buyers
• Allows them to purchase a home they NEED
• Doesn’t allow them to be in a position where
they can miss payments and risk foreclosure
• Allows them to have access to home’s equity
or preserve the cash they have
• They don’t have to dip into savings

10. Benefits for the Realtor
• Expands your market to the 62+ group
• Sellers can be more open to your price drop
recommendation
• Sell houses faster
• May increase the price range of the homes
your buyers purchase
• You can reach out to financial planners

11. Information needed
• Borrowers HUD-1 of previous home
• Documentation of cash-to-close
• Photo ID, SS/Medicare card
• HOI
• NO income verification
• NO DTI calculations
• Counseling certificate*

12. Let Me Run the Numbers
• Need buyer ages
• Purchase price
• Zip code
• That’s IT!!!

13. Contact me
• Florian Steciuch
• askflorian@gmail.com
• 219-789-0409
• www.topflitereverse.com/florian