Boomers and Late-Bloomers Buy Tucson Area Homes with H.E.C.M Mortgage Option
H.E.C.M. Mortgage Tucson Homes For Sale
There are many homes in 55+ communities that are perfect for Boomers, and a H.E.C.M. mortgage may be the right way for you to buy a new home in Tucson or surrounding areas.
Even with 10,000 people turning 65 everyday, the Baby Boomer generation, once the largest living generation in history, has finally been surpassed in size by the Millennial generation*. As an important cog in the economic machine, Millennials have made a significant societal shift away from the norms of their predecessors. Multiple statistics show that more young adults are living with their parents than at any time since the 1940’s and simply aren’t buying homes or investing.
What does this mean for the housing market and the U.S. economy?
It means that Baby Boomers are still one of the most influential groups in the nation with seniors holding more than $ 5.76 trillion in home equity. Home owners 62 and over may consider using a Home Equity Conversion Mortgage for Purchase loan (HECM), also known as a government-insured reverse mortgage loan, to purchase a NEW single-family or multi generational home.
There is a unique government-insured loan that is designed for people 62 and over that allows the borrower to purchase a new home with one initial down payment and live in the home for the life of the loan with no monthly mortgage payments. This amazing tool is called a Home Equity Conversion Mortgage (HECM) for Purchase Loan. The HECM for Purchase Loan can be used to purchase a single family home when buyers are looking to down-size or a 2-4 unit dwelling when the buyer is looking to accommodate multiple generations
Check out these great properties in Sadddlebrook. Saddlebrook is located about 30 min North of downtown Tucson,, and offers many great amenities.
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