St. Louis Couple Utilizes HECM Mortgage To Purchase Dream Home In Florida

Andy and Beatrice Hollimon were living through Midwest winters for many years, and now they were ready to experience their dream of relocating south.

Andy had been employed in the field of human resources for forty years and after was employed as an adjunct instructor and business administration department chair at Stevens – The Institute of Business & Art. He always worked hard, and the couple wished to purchase the retirement home they had fantasized about without retrieving from their investment income and retirement savings fund. They did not believe it was a possibility to obtain the kind of home they eventually bought until they saw a commercial for HECM mortgages.

“I had seen the Fred Thompson AAG advertisements thousands of times, and even the other ones with Henry Winkler,” Andy says. “One day I was watching and ran across the commercial and thought, ‘Let me give them a buzz.’ I had no knowledge of the reverse mortgage process. I called, and the guy on the phone did a pretty good job of screening out my need. He asked if I wanted to do a reverse mortgage refi or purchase. I asked what the difference was. He defined them for me. I told him I owned a home in St. Louis, so we should talk about purchase. He transferred the call, and everything ensued from there. He walked me through as a new caller with no knowledge of HECM For Purchase.”

This form of reverse mortgage meant they only had to provide a piece of the purchase cost, while the reverse mortgage would account for the rest. They are required to pay the property taxes, homeowner’s insurance, and costs of Homeowner’s Association dues.

The move allowed the couple to stop working a decade sooner than originally thought.

After deciding to go with this sort of loan with AAG, they took the opportunity to buy a home prior to prices rising again. A companion had relocated to South Florida along with his spouse who is employed as a realtor. Upon discovery that the Hollimons were planning to vacation there and were searching for a home, he asked his wife to show them around in June 2014.

In the winter, the Hollimons excitedly relocated into their two-thousand-square-foot, three-bedroom home in Lake Worth, fifty-six miles north of Miami.

“We were going to follow our dream and seek our dream location,” says Andy, who spends his retirement writing and painting. “If you have the financial ability, you have to reach for what you want. We decided to do that.”

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