Time to relocate and be closer to the grandkids? Want to downsize or upsize? With HECM for Purchase, qualified borrowers 62 and older* can buy a principal residence** and obtain a reverse mortgage in one transaction. You might be able to buy a new home without using all the proceeds from the sale of your current home.
*Qualified borrowers only. An underwriter will review credit history, property charge history, and residual income to ensure the loan is likely to be a sustainable solution for the household. **Principal residence is defined as where you maintain your permanent place of abode and typically spend the majority of the calendar year. ***Borrower is required to pay all property charges, including, but not limited to, property taxes, insurance and maintenance.