A new reverse mortgage program called a HECM for Purchase allows seniors, age 62 or older, to purchase a new principal residence using loan proceeds from the reverse mortgage.
Purchasing a new property with the funds from a reverse equity loan was always possible but required multiple transactions. The HECM Purchase program is designed to allow seniors to purchase a new principal residence and obtain a reverse mortgage within a single transaction. » Read more: Attention Seniors: No Monthly Mortgage Payment On New Home Purchases
