Home Equity Conversion Mortgage (HECM) for Purchase

A Home Equity Conversion Mortgage (HECM) for Purchase helps seniors buy a home without monthly mortgage payments!¹

The HECM for Purchase is a Federal Housing Administration (FHA)-insured home loan that allows seniors to use the equity from the sale of a previous residence to buy their next primary home in one transaction. Regardless of how long the borrower lives in the home or what happens to the home's value, the borrower only make one, initial investment (down payment) towards the purchase.

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Why Consider a HECM for Purchase?

No matter what the need, a HECM for Purchase may help:

  • Eliminate monthly mortgage payments¹.
  • Increase purchasing power.
  • Pay less upfront investment.
  • Rightsize to a smaller, lower maintenance home.
  • Buy a home closer to family or friends.
  • Lower cost of living during retirement.
  • Enjoy care-free living in a senior housing community.


  • Youngest borrower must be 62 years or older.
  • Purchased home must be a primary residence occupied within 60 days of loan closing.
  • Property must be a single-family home, two- to four-unit dwelling, or a FHA-approved condo.
  • The difference between the purchase price of the new home and the HECM loan proceeds must be paid in cash from qualifying sources such as the sale of prior residence, home buyer's other assets or savings.
  • Borrower must complete a HUD-approved counseling session.

¹ The borrower will be responsible for paying property charges, including homeowners insurance, taxes, and maintenance of home for the term of the loan.

Contact Us

For more information about whether or not a HECM is right for you, contact our Reverse Mortgage Advisor:

Janell Holden
Janell Holden