If you're 62+, the HECM for Purchase program lets you buy a new home with a reverse mortgage — combining a down payment with HECM proceeds. No monthly mortgage payments required. Own the home just like any other purchase. Dream Financial Management since 1994.
With a HECM for Purchase, you put down 45-65% of the purchase price (depending on your age) and the reverse mortgage covers the rest — with no monthly mortgage payments. You own the home, keep the title, and only repay the loan when you move, sell, or pass away — just like a standard reverse mortgage. The down payment comes from the sale of your previous home, savings, or other sources.
Example Purchase Price
$400,000
Down Payment (Age 72)
~55%
HECM Covers
~45%