HECM Home Purchase Program

New Rules Allow For HECM Home Purchase

To make the reverse mortgage loan more versatile and competitive, recent regulations now allow for a new home purchase through a HECM loan. The HECM home purchase program allows homebuyers age 62 or older to purchase a new home and secure a reverse mortgage on the same transaction with no mortgage payment. The sale of the departure home helps provide the cash required to close the HECM home purchase loan.

Benefits of the HECM Home Purchase Program

FHA insured, like most other reverse mortgages.
Purchase a new home without taking on monthly mortgage payments.
Purchase a home suitable for current needs.
Purchase a home in a senior housing community.

Property Eligible for the HECM Home Purchase Program

Single family homes.
HUD approved condos.
Planned unit developments (PUDs.)
Two to Four Unit properties (one must be owner occupied.)
Manufactured homes built after June 15, 1976.

The HECM home purchase program is a new development in the changing reverse mortgage market. We are more than happy to answer your questions regarding the new HECM home purchase program or other reverse mortgage program. Please Contact Us with any questions or concerns.