Can I Buy A House With A Reverse Mortgage -

Yes, you can buy a house with a reverse mortgage using a specialized loan called a .

: You are not required to make monthly mortgage principal or interest payments for as long as you live in the home as your primary residence. can i buy a house with a reverse mortgage

: The HECM loan covers the remaining balance. Yes, you can buy a house with a

: You typically contribute 45% to 62% of the purchase price from your own funds (often from the sale of a previous home). : You typically contribute 45% to 62% of

Unlike a traditional mortgage where you make monthly payments, the HECM for Purchase combines a large down payment with loan proceeds to cover the full cost of the home.

: The balance is only repaid when the last borrower moves out, sells the home, or passes away. Eligibility Requirements

This federal program allows seniors to buy a new primary residence and secure a reverse mortgage in a single transaction. How Buying with a Reverse Mortgage Works