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As we get older, our housing needs can change. The home that once felt perfect may now be too large, too costly to maintain, or not well-suited to our lifestyle. A HECM for Purchase lets you buy a new primary residence and fund it with a reverse mortgage in one transaction — so you can enjoy your retirement without the burden of monthly mortgage payments.
Your current home may no longer fit your lifestyle. Large properties can be costly and time-consuming to maintain, especially in retirement. With HECM for Purchase, you can sell your existing home, use the proceeds for a down payment, and finance the remainder through a reverse mortgage — all without monthly mortgage payments. This makes it easier to move into a single-story home, find a warmer climate, or relocate closer to loved ones while maintaining financial stability.
The Home Equity Conversion Mortgage (HECM) was introduced in the late 1980s as a way for seniors to access their home equity without selling or taking on new monthly payments. Initially, HECMs were only for existing homeowners. Over time, FHA expanded the program to allow older adults to purchase a new home with the same benefits — creating the HECM for Purchase option. This evolution has helped thousands of retirees move into homes that better suit their needs without adding financial strain.
With HECM for Purchase, you’re essentially combining two financial moves into one: buying your new primary residence and financing it through a reverse mortgage. You’ll make a one-time down payment, typically from the sale of your previous home or other savings. The reverse mortgage covers the remainder of the purchase price, and repayment isn’t due until you sell, move out, or no longer occupy the home. You remain responsible for property taxes, homeowner’s insurance, HOA fees, and maintenance.
Understanding the Home Requirements
Single-family homes and properties with four or fewer units.
HECM for Purchase loans cannot be used for certain property types, including cooperative units, newly constructed homes that do not yet have a certificate of occupancy, bed and breakfast properties, and specific manufactured homes that fail to meet HUD standards.
While you won’t make monthly mortgage payments, you must keep up with property-related expenses to maintain your loan in good standing. This includes:
Additionally, you must occupy the home as your primary residence within 60 days of closing and live there for the duration of the loan.
Your HECM for Purchase loan doesn’t have a set payoff date, but it can become due if:
The HECM for Purchase program could be the key to a more comfortable, financially secure retirement. Let’s discuss your options and see if this powerful tool is right for you.