Recent changes to the home equity conversion mortgage (HECM) program have made the reverse mortgage landscape murkier for homebuyers. But Pennsylvania-based Traditions of America hopes to clarify some of the questions and misconceptions in a new series of free seminars.
Traditions of America, a developer of retirement communities in Pennsylvania, New Jersey and Delaware, will host the HECM seminars throughout the months of July and August, beginning July 23.
The organization offers HECM financing through its HomePlus program, which helps consumers use a HECM to purchase a new home.
About 14% of buyers at Traditions of America’s eight Pennsylvania communities have used the HomePlus HECM program for their purchase, the company says.
“A reverse mortgage is a good tool for homebuyers, as it allows them to increase their buying power to purchase the home they really want and deserve,” said HECM specialist Julie Didyoung in a written statement. “And because they don’t have a monthly mortgage payment they are able to keep assets liquid and afford the lifestyle they desire.”
Didyoung notes that many older homebuyers don’t understand or know enough about HECM, leading to misconceptions about what the loan really is.
To address these concerns and to help buyers explore reverse mortgage financing, Didyoung will lead the Traditions of America HECM seminars. To RSVP or for more information about the seminars, click here.
Written by Emily Study