A midwest home builder is now offering home equity conversion mortgages (HECMs) to qualified homebuyers through its partnership with Security One Lending.
Columbus, Ohio-based real estate developer Wilcox Communities is enabling homeowners age 62 and older to buy into their developments using a HECM for Purchase, a move that will help free up
“Wilcox is a builder that’s using HECM for Purchase loans to help people that want to move into their communities and not tie up all of their cash,” says Harrison.
Security One has a nationwide arrangement with Wilcox, where the lender has personnel that service the developer’s accounts throughout the U.S., however a homebuyer has the freedom to choose any lender they decide for their reverse mortgage needs.
A building partner of EPCON Communities, Wilcox offers ranch-style homes in nearly 30 communities across seven states. The developer teamed up with Security One nearly three years ago, but has recently ramped up its promotion of HECMs, Harrison says.
Wilcox is only able to offer the HECM loans in certain communities approved to do so by the Federal Housing Administration.
The developer estimates that 10%-15% of their home sales nationwide in FHA-approved locations derive from homebuyers who have bought into Wilcox communities using a HECM for Purchase, Harrison says.
Written by Jason Oliva