Real life examples of HECM for purchase (PART 1)
In this narrated case study, the speaker describes a widowed client who, after losing her husband, had a single income, a $401(k) with about $600,000 in retirement savings, and a home in the Lakewood area valued at roughly $600,000. Wanting to relocate closer to her daughter who lived in a higher‑priced neighborhood (median $750‑$850k), she sought a solution that would not deplete her retirement assets. The client identified a brand‑new Del Webb construction priced in the high $700,000s. Using a Home Equity Conversion Mortgage (HECM) for purchase, the strategy leveraged approximately 50% of the purchase price, allowing her to acquire the new home without cash outlay while preserving her retirement funds for continued growth. The outcome is a retirement‑friendly living situation near family, with the client retaining access to her $600k retirement portfolio.
