HECM for Purchase allows seniors, age 62 or older, to purchase a new principal residence using loan proceeds from the reverse mortgage. The program was designed to allow seniors to purchase a new principal residence and obtain a reverse mortgage within a single transaction.
The program was also designed to enable senior homeowners to relocate to other geographical areas to be closer to family members or downsize to homes that meet their physical needs, i.e., handrails, one level properties, ramps, wider doorways, etc.
1. Must be your primary residence and you must move in within 60 days after closing.
2. Your down payment depends on the youngest person age on the title. The older that person is, the less they would have to bring to the closing. For an accurate number please call 1-877-784-7375 or fill out the form in “Contact My Team”.
3. Down payment cannot be borrowed money. It can come from a gift from a relative, money from accounts, or proceeds from an existing sale.
4. Appraisal and processing must be completed after the Certificate of Occupancy has been issued.