Reverse Mortgage for Purchase

Would you like to live: closer to family and friends? in a house that matches your lifestyle? someplace new?

Get a Loan You’ll Love

A Reverse Mortgage For Purchase Can Help You Make the Move

A reverse mortgage for purchase, also known as a Home Equity Conversion Mortgage (HECM) for purchase, allows homeowners aged 62 or older to buy a new home without the burden of monthly mortgage payments. Instead, homeowners just have to take care of property taxes, homeowner’s insurance, and maintaining the home.

This unique financial tool combines the equity from the sale of your previous home or other savings with a reverse mortgage to purchase your new home.

Essentially, you make a substantial down payment—typically around 50% of the home’s purchase price—and the reverse mortgage covers the remaining balance. This can greatly increase home buying power, enabling retirees to move to more expensive areas and homes than they otherwise could afford.

See How She Purchased Her Dream Home

Another key benefit of a HECM for purchase is financial flexibility. By eliminating monthly mortgage payments, retirees can free up cash for essential expenses such as healthcare, bills, or even leisure activities like travel.

Move closer to family
Move closer to friends

Buy a home that suits your lifestyle
Live where you like to vacation

Upsize, downsize and right-size into your dream home
All while protecting your nest egg

Learn More About a Loan You’ll Love

Expand Your Options for an Optimal Retirement

Many people would love to move to a nicer home or a more expensive area in retirement but think they can’t afford to on a fixed income, at least without making too many sacrifices to make it worth while. The reverse mortgage for purchase can open many possibilities for retirees to spend their golden years where they really want to be.

The HECM Loan Is on Your New Home

That means you get to enjoy the benefits of a HECM reverse mortgage. So in addition to eliminating the need to make monthly mortgage payments, you also get non-recourse loan protection. This ensures that you or your heirs never have to pay out-of-pocket when the loan is due and payable. If the sale of the home doesn’t cover the loan balance, your mortgage insurance covers the rest.

Gain a New Tool to Reduce Taxes*

Reverse mortgage loan proceeds are not considered income, so they are not taxable. Additionally, a tax professional can help you find ways to use your reverse mortgage to find additional tax breaks.* For example, many people schedule voluntary loan payments in order to reduce retirement income and stack deductions.

400 Leslie Kight Reverse Mortgage Loan Specialist and Branch Leader

I’d Like to Know About Your Situation

As a Reverse Mortgage specialist, I have helped numerous seniors access the equity in their homes to improve their quality of life in retirement.

Most importantly, I understand that everyone has unique needs and challenges, so I work closely with my clients to find the best solutions for their individual situation.

Let’s Get Moving

Whether you’d like better cash flow, want to move closer to family or need to make your home accessible, I’m here to help.

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*Consult a tax professional