Reverse For Purchase
The Reverse for Purchase program offers a valuable opportunity for seniors aged 62 and above to purchase a new home through a Home Equity Conversion Mortgage (HECM). This option is ideal for seniors seeking a home that better suits their physical needs or for those desiring to be closer to their family. Unlike traditional mortgages, with HECM for Purchase, there are no monthly payments required on the new home as it operates as a reverse mortgage. However, it should be noted that a down payment is necessary for HECM for Purchase loans, with the specific amount dependent on the borrower's age. Generally, older borrowers have lower down payment requirements. It is important to mention that HECM for Purchase loans adhere to the same guidelines as standard HECM loans.