Use a Reverse Mortgage to PURCHASE a new home!

Want to move to a home that better fits your needs?

You may be in luck! A HECM reverse for purchase allows eligible senior homeowners the ability to purchase a new home using their HECM loan proceeds with a transaction that only involves one set of closing costs. This is a huge advantage over buying a home and getting a reverse mortgage after, which would involve two different sets of closing costs.

See the matrix below to understand how much a Reverse for Purchase can help.

Program Overview

  • This loan may be used to purchase an existing 1 to 4 unit property
  • Home must be used as borrower(s) principal residence
  • No additional liens are permitted upon completion of the loan (Lender in 1st position, HUD in silent 2nd)
  • Borrower(s) must provide monetary investment at closing from allowable funding source
  • The property must be occupied within 60 days of closing
  • Newly constructed properties are required to have a certificate of occupancy issued by the time the HECM loan is insured by FHA (‘endorsed’)
  • All of the basic HECM loan requirements rules apply to this program

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