Reverse Mortgage | To Buy New Home

Lenders check your income and credit to ensure you can maintain the home.

You may be able to afford a more accessible or higher-end home than cash alone would allow. 🛠️ How It Works reverse mortgage to buy new home

You use proceeds from the sale of your old home or your savings to pay about 45% to 70% of the new home’s price. Loan Amount: The HECM loan covers the remaining balance. Lenders check your income and credit to ensure

You keep more cash in savings compared to an all-cash purchase. Loan Amount: The HECM loan covers the remaining balance

Buying a Home with a Reverse Mortgage A (Home Equity Conversion Mortgage) allows seniors aged 62+ to buy a new primary residence using a reverse mortgage in a single transaction. Instead of paying cash or taking a traditional mortgage, you provide a substantial down payment, and the reverse mortgage covers the rest of the purchase price. 💡 Key Benefits