Over 62 and buying in Sarasota, Lakewood Ranch, or Wellen Park? Learn how HECM could double your buying power.

by Tana Showalter

If You're Buying a Florida Home in Cash,
You Might Be Leaving Money on the Table

A smarter way to think about your budget in Sarasota, Lakewood Ranch, and Wellen Park

If you're planning to buy a home with cash, your plan probably looks simple:

Find a home. Write a check. No mortgage. Done.

That’s clean. It’s safe.

It’s also potentially limiting what you can buy.

Quick answer:

If you're over 62, a HECM for Purchase may allow you to buy a home at roughly twice your cash budget — without a required monthly mortgage payment.

Before you go too far down the rabbit hole:

I put together a short, no-BS guide that walks through exactly how this works using real numbers.

Download the Free Guide →

I work primarily with out-of-state buyers moving to Sarasota, Lakewood Ranch, and Wellen Park — and this is one of the most misunderstood strategies I walk clients through.

Most buyers think:
“I have $600K, so I can buy a $600K home.”

That’s not wrong.
It’s just incomplete.

What Is a HECM for Purchase?

A Home Equity Conversion Mortgage (HECM) for Purchase is a federally insured loan designed for buyers age 62+.

Typically 45–65% down payment
No required monthly mortgage payment
You still pay taxes, insurance, and HOA
Non-recourse loan (you can’t owe more than the home is worth)

There is a required HUD counseling session.

It’s typically a simple phone call (about an hour) where a third-party counselor reviews the numbers with you and answers questions.

It’s straightforward — nothing complicated — just a final step to make sure everything is clear.

Same $600K — Different Outcome

Cash Purchase

$600K home
$600K cash
$0 payment

HECM Purchase

~$1.2M home
$600K cash
$0 payment

This is where most buyers pause.

Same cash. Same $0 payment. Completely different house.

If you want to see how the numbers actually break down — including what affects your buying power — it’s all in the guide.

Get the Guide →

What This Means in Sarasota

The difference between $600K and ~$1.2M here isn’t subtle.

It’s a completely different category of home, community, and lifestyle.

This isn’t about stretching your budget — it’s about understanding what your budget actually allows.

Is This a Good Idea?

It depends.

If your goal is to eliminate debt completely, this may not be the right fit.

If your goal is to increase buying power and preserve liquidity, it’s worth understanding.

Most buyers don’t — because no one explains it clearly.

Not Ready to Sell Up North?

If you have equity in your current home, there may be ways to access it and buy here without selling first.

This is where strategy matters — and where most buyers make assumptions that limit them.

Why the Right Lender Matters

This is a specialized loan product. Most lenders don’t handle it often enough to explain it well.

The lender I refer clients to is:

John Gibbons III
HECM for Purchase Specialist | PRMG | NMLS#19893
401-639-4600

Before You Write a Cash Offer…

At least understand what your full buying power looks like.

This strategy isn’t for everyone. But the buyers who use it correctly don’t look at their budget the same way again.

Download the Free Guide →

Tana Showalter · Rogue Realty · 941-842-0005 · info@rogue-realty.com

Frequently Asked Questions

Do I have to make monthly mortgage payments?
No required monthly mortgage payment as long as the home is your primary residence.

What age do I need to be?
62 or older.

How much do I need for a down payment?
Typically 45–65% depending on age and interest rates.

Is this risky?
It’s a non-recourse loan — you can’t owe more than the home is worth.

Can I use this in Sarasota or Lakewood Ranch?
Yes — many buyers use this strategy in this market.