The HECM program, (home equity conversion mortgage) commonly called a “reverse mortgage” can be used to purchase a home too!
Traditionally, a reverse mortgage could only be taken out on a house that was already owned, but that changed in 2012.
The HECM can now be used in the purchase transaction with only one transaction. The senior purchaser can now use this tool to relocate their principal residence nearer to family, downsize the residence in size or relocate to a completely new area.
It is a great way to expand the retirement years!!!