Can You Buy a Home with a Reverse Mortgage? Yes — Here’s How.

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Most people think reverse mortgages are only for homeowners who want to stay put.
 But did you know you can actually use a reverse mortgage to buy a new home?

It’s called a Home Equity Conversion Mortgage for Purchase (HECM for Purchase) — and it could be one of the smartest ways to right-size your home without adding a monthly mortgage payment.

Let’s walk through how it works — and why more seniors are using it to create the lifestyle they actually want.

What Is a HECM for Purchase?

A HECM for Purchase is a reverse mortgage that lets you:

  • Buy a new primary residence
  • Use a portion of your savings as a down payment
  • Cover the rest with a reverse mortgage
  • And avoid monthly mortgage payments for as long as you live in the home

You still own the home, retain the title, and control the sale or inheritance process just like a traditional reverse mortgage.

Who Is This For?

A reverse mortgage purchase might be perfect if you want to:

  • Downsize to a more manageable home
  • Move closer to family or medical care
  • Relocate to a better climate or safer community
  • Upgrade to a home that better suits your current needs
  • Preserve cash while keeping your housing costs predictable

Instead of paying all cash or taking out a traditional loan with monthly payments, you get the best of both worlds — ownership without the payment burden.

How Much Do You Need to Put Down?

The required down payment varies based on:

  • Your age
  • The home’s purchase price
  • Current interest rates

Most buyers use 40–60% of the home’s value as a down payment.
 The reverse mortgage covers the rest.

Example:

  • You buy a $400,000 home
  • You put down ~$200,000 (from sale of a previous home or savings)
  • The reverse mortgage covers the other ~$200,000
  • You never make a monthly payment again (as long as you live there)

How the Process Works

  1. Get pre-qualified for a reverse purchase
  2. Find the right home (must be your primary residence)
  3. Work with a lender and a reverse-certified real estate agent
  4. Bring the required down payment to closing
  5. Move in — and stay as long as you like, payment-free

We’ll guide you through every step and coordinate with your agent and attorney to ensure it all runs smoothly.

Why Seniors Love This Option

  • Keeps more cash in your pocket
  • Eliminates the need to qualify for a traditional mortgage
  • Offers more flexibility than an all-cash purchase
  • Makes it easier to “right-size” without sacrifice

Final Thought

You’re not stuck in your current home — and you don’t have to spend your entire nest egg to move.

A reverse mortgage for purchase gives you freedom, flexibility, and financial breathing room.

Let’s build wisely. Your stairway starts here.

Ready to Take Your First Step?

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