The HECM for Purchase program was established in 2008. Before it was created a homeowner had to relocate and purchase a home with a traditional mortgage, establish residency, and then refinance the home with a HECM if desired. This lengthy process would require two sets of closing costs and an extensive waiting period. Since 2008 homeowners do not have to experience the time-consuming process instead, they can purchase a residence using a HECM with only one closing event and no waiting period.
Galen Call, a Certified Reverse Mortgage Professional (NMLS 226129, 1850), assists qualified homeowners with reverse mortgages within a 75-mile region in the Monterey Peninsula and surrounding areas. Geographic areas served by Galen are listed below.
MONTEREY PENINSULA
• Monterey
• Pacific Grove
• Pebble Beach
• Carmel
• Big Sur
• Marina
• Seaside
SALINAS AREA AND NORTH
• Salinas
• King City
• Santa Cruz
• Aptos
• Watsonville
• Hollister
• San Juan Bautista
SAN JOSE AREA
• San Jose
• Los Gatos
• Cupertino
• Saratoga
• Campbell
• Gilroy
• Morgan Hill