Bob “The Property Man” Massi devoted a portion of last Friday’s show on Fox Business to the HECM for Purchase program. Working with long-time NRMLA member and recent Ethics Committee appointee Josh Shein of Home Point Financial Corporation, Massi interviewed two happy couples who downsized using H4P, while Shein explained how it works.
One of the couples interviewed by Massi, Karl and Starla Kramer, reside in Chandler, AZ. The Kramers traded in their 3,200-square-foot home for an 1,841-square-foot property after Karl retired. Massi explained how the Kramers sold their original home for $500,000, put $143,000 in cash down on the second house, and then used a HECM to cover the rest. “A single transaction with no payments,” explained Massi.