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H4P Helps Builders get Their Clients in the Perfect Homes

Originally created in 2009, the FHA-insured Home Equity Conversion Mortgage for Purchase, HP for short, continues to gain traction with builders and realtors alike as a home financing program that can help their senior clients buy more house – the house they want— than traditional financing, because they’re not paying the full purchase price. Its popularity as a loan program for builders and realtors grows because it can be easier for an eligible homebuyer to qualify. 

 By combining a one-time down payment with a reverse mortgage, all in a single transaction, borrowers can purchase a new home without having a monthly mortgage payment. They are still responsible for taxes, insurance, and any applicable HOA fees. But for a buyer looking to sell the family home and right-size, whether it’s because they want to live closer to family, want quality housing to meet their needs, no longer want the hassle of maintaining a larger home, or want a newer home with amenities suitable for an aging individuals, an H4P can give borrowers more purchasing power with less cash out of pocket. 


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More on Seniors Finding the ‘Right Size’ Home

There are approximately 76 million baby boomers in the U.S. currently, and many are opting to downsize later in life. But when they do downsize – or rather ‘right size’ – they’re looking for socially active communities that offer the right amenities as they age. With these demographics in mind, home builders with aspiring communities have a growing opportunity to offer H4P loan programs to their clients to help get them into their ideal home, without having to tap into their savings or investment portfolios.

Learn more about how people are using home equity conversion mortgages for purchasing homes:

Please keep in mind that the reverse mortgage industry in constantly changing and some of the information contained on this site may not be current. Please ask a licensed reverse mortgage professional for up-to-date guidelines.