A HECM for Purchase lets buyers 62 and older buy their next home using a reverse mortgage, with no required monthly mortgage payment afterward. It is a strong option for downsizing, moving closer to family, or getting into a single-level home.
How it works
You put down a larger down payment, often from the sale of your current home or savings, and the reverse mortgage covers the rest. You own the new home from day one. As long as you live there and keep up with taxes, insurance and upkeep, there is no monthly mortgage payment.
Who it fits
- Retirees selling a larger home and moving to a smaller one
- Buyers who want to keep more cash in savings instead of paying cash for a home
- Homeowners moving to be near children or grandchildren
- Anyone who needs a home without stairs or with room for in-home help
Requirements
- Youngest borrower is 62 or older
- The new home becomes your primary residence within 60 days of closing
- The property meets FHA standards
- Down payment comes from your own funds or the sale of another property, not from seller concessions
Realtors: if you have a 62+ buyer, Steve is happy to explain the program to both of you before you write an offer.
Talk to a real person in Kansas City
Steve Clune is a licensed loan officer for Kansas and Missouri. Call or text with your questions. If you miss him, send a text and he’ll get back to you.