Am I able to use a reverse mortgage to purchase a home?


In January 2009, HUD introduced the ‘FHA HECM for Purchase’ program, allowing seniors to purchase a new principal residence and obtain an FHA HECM mortgage within a single transaction, eliminating the need for a second closing. An HECM for Purchase could be the answer for those looking to purchase a home in a new location or one that better suits their needs.