What is the Reverse Mortgage Purchase Program?

An FHA insured loan (H.E.C.M) that allows people 62 and older to purchase a home without taking on monthly mortgage payments.

Does the Reverse Mortgage Purchase Pay the Homeowner?

No, the Reverse Mortgage Purchase allows homeowners to purchase a home without taking on monthly mortgage payments*, but does not provide an income source.

What are people using the Reverse Purchase Program for?

• Downsizing
• Upsizing
• Relocating
• New Construction
• Borrowers that don’t qualify for traditional financing

How does it work?

• Calculate the down payment requirement based on age, purchase price, and current interest rates.
• Remaining amount is financed through the Reverse Mortgage
• Payments are deferred until the home is sold or the last borrower moves out permanently.

What is the approximate down payment requirement?

• The amount that is required down is from 30 – 55%* down depending on their age, purchase price, and current interest rates.
• For a quick calculation Click Here
• For an accurate quote, Click Here

What are the Requirements?

• Must be Age 62 or older
• Must occupy the home within 60 days of purchase
• Must have 30-55%** for down payment depending on age
• No income* or credit score requirements
• No Seller Concessions are permitted

What are the Eligible Property Types?

• Primary Residence
• 1-4 units
• FHA approved Condos
• Manufactured homes that meet the FHA requirements
• PUDs

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Click here to find out how much your clients will qualify for.

*Borrower must pay property taxes/insurance, and maintain proper upkeep of the property.
**Only an approximation. Subject to change at any time.