: You are not required to make monthly principal or interest payments for as long as you live in the home as your primary residence.
Yes, you can use a reverse mortgage to buy a home through a specific federal program called the . This tool allows homebuyers age 62 or older to purchase a new primary residence and secure a reverse mortgage in a single transaction. How HECM for Purchase Works can you use a reverse mortgage to buy a home
: The process combines the home purchase and the reverse mortgage into one closing, saving on some closing costs compared to doing them separately. Eligibility and Requirements : You are not required to make monthly
To qualify for a HECM for Purchase, you must meet several criteria set by the Department of Housing and Urban Development (HUD): Can a Reverse Mortgage Help Buy a Home? | Mutual of Omaha How HECM for Purchase Works : The process
: Borrowers typically must provide a down payment of approximately 45% to 62% of the purchase price. This amount varies based on the age of the youngest borrower and current interest rates.
Unlike a traditional mortgage where you make monthly payments to build equity, a reverse mortgage for purchase allows you to buy a home by providing a large down payment upfront, with the remaining balance covered by the reverse mortgage.