A HECM (Home Equity Conversion Mortgage) for purchase, which can also be referred to as a reverse mortgage for purchase, is when you use a reverse mortgage to help you purchase a home.
This mortgage enables senior homebuyers, age 62 or older, to purchase a new primary residence and obtain a reverse mortgage in a simultaneous transaction with no monthly mortgage payments. The home buyers simply combine the reverse mortgage proceeds with the down payment to purchas a new (or used) home.
Benefits of using a reverse mortgage to purchas a home:
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