A “Home Equity Conversion Mortgage” (HECM) is a type of loan designed for people aged 62 or older that allows them to buy a primary residence by making just one down payment and no additional mortgage payments for the rest of their lives.
We know how this loan program benefits buyers, but what about Realtors? That’s the question my friend and associate Larry Reed and I will answer today.
Follow along in the video above to see our full conversation recapping how this program benefits buyer and how Realtors can use it to better service their clients. Once again, I’ve provided timestamps so you can skip ahead to various sections at your leisure:
1:21—What a buyer would pay with an HECM if they bought a $300,000 house
1:54—The opportunities the HECM opens up for your customers
2:40—A story from one of Larry’s own buyer clients
3:26—Another example of how much buyers can save with an HECM
4:34—How Larry himself used this program to buy his current beachfront home
6:15—A tidbit explaining how Realtors get paid when buyers use an HECM
8:12—Additional ways this program helps Realtors
10:04—Wrapping things up
If you’d like to know more about the HECM program and how it can benefit you, you can email Larry Reed at email@example.com or give him a call at (803) 269-1053.
Stay tuned for a video on how HECM can benefit your buyers up next!
If you have any questions for me or there’s anything else I can help you with, feel free to call or email me anytime. I’d love to help you.