Reverse For Purchase

The Home Equity Conversion Mortgage (HECM) for Purchase allows seniors 62 years of age or older, to purchase a home with a reverse mortgage. This can be a valuable option for seniors who need a new home that better meets their physical needs or who would like to move closer to family members.

You DO NOT have to make monthly payments on the new house because this is a reverse mortgage product. However, unlike a traditional reverse mortgage, HECM for purchase loans do require a down payment. This must be paid by the borrower. The down payment required is based on the borrower’s age and the price of the home. The older the borrower is, the lower the down payment requirement will be. HECM for purchases are subject to the same guidelines as a standard HECM loan.