A HECM for Purchase is a reverse mortgage program that allows eligible homeowners to buy a new primary residence using the proceeds from the sale of their current home, available savings, or other eligible assets.
What is a
HECM for Purchase?
The loan is typically repaid when the homeowner sells the property, moves out permanently, or passes away.
1
Choose a home that fits your lifestyle, retirement goals, and future needs.
Find a Home
How it works
2
Make a Down Payment
Use proceeds from the sale of your current home, cash on hand, or eligible gift funds toward the purchase.
3
Complete Counseling
& Approval
Complete HUD-approved counseling and finalize the loan application and approval process.
4
Move Into Your
New Home
Purchase your new primary residence with no required monthly mortgage payment.*
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Reduce monthly housing expenses
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Preserve retirement savings
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Downsize or relocate closer to family
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Purchase a home better suited for retirement
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Increase financial flexibility and peace of mind
Why Homeowners Choose HECM for Purchase
Who is HECM for Purchase Good For?
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Seniors planning to age in their new home
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Homeowners looking to downsize or simplify their lifestyle
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Seniors relocating to be closer to family or move to a warmer climate
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Buyers who can provide a down payment using savings, proceeds from a home sale, or eligible gift funds
-
Homeowners seeking lower monthly housing expenses
HECM for Purchase may be a good option if you:
Basic Eligibility Requirements
Eligible
Property Types
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Must be age 62 or older
-
The home must be your primary residence
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Complete HUD-approved counseling
-
Meet financial and property qualifications
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Single-family homes
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HUD-approved condominiums
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Planned Unit Developments (PUDs)
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2–4 unit owner-occupied properties
*Borrowers must continue to pay property taxes, homeowners insurance, HOA fees (if applicable), and maintain the property. This material is for informational purposes only and is not a commitment to lend. Additional terms, conditions, and qualifications may apply.