HECM for purchase was designed to allow seniors (62+) to purchase a new residence which enables senior homeowners to relocate to other geographical areas to be closer to family, downsize to homes that meet their physical needs and into areas where ther is no outside work required. 

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Program Details 

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• Both borrowers must be at least 62 years of age

• No monthly payments

• One close transaction

• Property can be a 1 to 4 unit principal residence

• Must have funds to makeup the difference between sales price and reverse mortgage proceeds

• Gifted funds are allowed

• Must occupy the property within 60 days

• Any home repairs must be completed by the seller prior to closing