Use a Reverse Mortgage to Purchase Your New Home
HECM for Purchase
A Home Equity Conversion Mortgage (HECM) for purchase — a type of reverse mortgage — allows retirees or those approaching retirement to convert the equity in their home into cash, which they can then use to buy a new principal residence. These loans (which are insured by HUD), allow borrowers to take out a reverse mortgage and purchase a new home within the same transaction, potentially saving time and money.
Do you have questions or concerns about HECM for purchase? Reach out today, and we’ll be happy to help!
Buying a House with a Reverse Mortgage
While your house might have been a great place to call home, as you enter your golden years, it might not suit you quite as well. Perhaps the yard (or the home itself) is too big to maintain, you can’t get up and down the stairs as well as you used to, or you’d like to move closer to your children and grandchildren.
Whatever the reason you’re considering buying a new home, the funds from a reverse mortgage can help pay for your new home.
How it works
How to Use a Reverse Mortgage to Purchase a Home
Can I Use a Reverse Mortgage to Purchase a Second Home?
Down Payment for a Reverse Mortgage Purchase
Ready to learn more about a reverse mortgage for purchase?
Take the next step by reaching out to one of our reverse experts.
By submitting your information above you agree to be contacted by our team via phone, SMS, or email. SMS message and data rates may apply. Message frequency varies. Reply to any message received with HELP for help or STOP to opt out. For help call 800-577-2064.
Click here to read our Privacy Policy.