Learn more about Reverse for Purchase Loans

Reverse for Purchase

Purchase your next home with a Reverse Mortgage and gain more control over where you spend the years that matter most.  It’s not too good to be true—you can buy your dream retirement home with no monthly mortgage payment*, as long as you keep current with property taxes, insurance, and home maintenance. 

Reverse for Purchase

A few key benefits of Reverse for Purchase Loans:

  • Only one transaction - With a Purchase Reverse Mortgage, there is no need to purchase the home and then refinance in a separate transaction. It’s all done with one single closing.    
  • Leverage your hard-earned cash – With a Reverse Mortgage Purchase transaction, you increase your purchasing power, and you don’t need a monthly payment to qualify.  
  • No debt inheritance - Your heirs never inherit your debt. They may keep the house and pay off the loan or sell the home and take the profits. But they’re not personally responsible for debt, even if the house depreciates in value.   

A Reverse for Purchase might be a good fit if:

  • You’re looking to upgrade to your dream retirement home, downsize to match physical needs, or relocate to be closer to family (without living with them).  
  • You don’t want to be an all-cash buyer, but you also don’t want to get a loan because you don’t want monthly mortgage payments.    
  • You’re an all-cash buyer, but the home you want is more than you think you can afford.

*Please note: This information is based on an FHA HECM (Federal Housing Administration Home Equity Conversion Mortgage) product, which is a type of mortgage loan. There are fees associated with this loan, as well as compounding interest. The loan is not a government benefit and must be repaid. There is no guarantee of financial security, and the consumer is responsible to pay the property taxes, homeowners insurance, and property maintenance fees independent of the loan, which can be a significant cost. The consumer faces a risk of foreclosure if they do not meet these obligations. For more information about the FHA HECM Reverse Mortgage product, visit HUD.gov. Although there are no monthly mortgage payments, the borrower will continue to be responsible for paying property taxes, homeowners insurance, and property charges and maintaining the home.  


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