{"id":7075440,"date":"2026-10-04T08:56:16","date_gmt":"2026-10-04T08:56:16","guid":{"rendered":"https:\/\/fivemor.com\/?p=7075440"},"modified":"2026-10-04T08:56:16","modified_gmt":"2026-10-04T08:56:16","slug":"buying-a-home-with-a-reverse-mortgage-hecm-for-purchase","status":"publish","type":"post","link":"https:\/\/fivemor.com\/?p=7075440","title":{"rendered":"Buying a Home With a Reverse Mortgage: HECM for Purchase"},"content":{"rendered":"<p> <br \/>\n<\/p>\n<div>\n<h2>What\u2019s required to buy a home with a reverse mortgage?<\/h2>\n<p>To buy a home with a reverse mortgage, you need to meet specific eligibility requirements. Here\u2019s what you\u2019ll need:<\/p>\n<ul>\n<li aria-level=\"1\"><strong>Age requirement:<\/strong> You must be 62 years of age or older.<\/li>\n<li aria-level=\"1\"><strong>Standard reverse mortgage requirements:<\/strong> You must meet the criteria for a traditional reverse mortgage, including a financial assessment to ensure you can cover the <a href=\"https:\/\/reverse.mortgage\/closing-costs\">origination fees<\/a> and ongoing costs.<\/li>\n<li aria-level=\"1\"><strong>Primary residence:<\/strong> The home you purchase must be your primary residence.<\/li>\n<li aria-level=\"1\"><strong>Home maintenance:<\/strong> You are required to <a href=\"https:\/\/www.homelight.com\/blog\/home-maintenance-checklist\/\">keep the home in good condition<\/a>.<\/li>\n<li aria-level=\"1\"><strong>Down payment:<\/strong> You need cash available for a substantial down payment. These funds can come from your own savings or from the <a href=\"https:\/\/www.homelight.com\/net-proceeds-calculator\">proceeds you earn<\/a> from the sale of your current home.<\/li>\n<\/ul>\n<h2>What down payment do you need to buy a home with a reverse mortgage?<\/h2>\n<p>The down payment for buying a home with a reverse mortgage varies, generally ranging from 45% to 70% of the purchase price. The exact amount depends on factors such as your age, current interest rates, and the value of the home.<\/p>\n<p>Unlike traditional mortgages, a reverse mortgage does not require monthly mortgage payments. However, you must continue to cover property taxes, homeowners insurance, maintenance costs, and any required <a href=\"https:\/\/www.homelight.com\/blog\/buyer-average-hoa-fees\/\">HOA fees<\/a>. Ensuring you have the necessary down payment and can handle ongoing costs is crucial to using a reverse mortgage for your home purchase.<\/p>\n<h2>HECM restrictions on down payment sources<\/h2>\n<p>When using a HECM for purchase, there are specific restrictions on where your down payment funds can come from. Acceptable sources include your home sale proceeds, retirement savings, or gifted money from a family member. However, there are prohibited sources:<\/p>\n<ul>\n<li aria-level=\"1\"><strong>Bank-financed money or borrowed funds:<\/strong> You cannot use money borrowed from a bank or a family member (who holds the expectation of being repaid).<\/li>\n<li aria-level=\"1\"><strong>Borrowing against assets:<\/strong> Funds borrowed against assets such as CDs or life insurance policies are not permitted.<\/li>\n<\/ul>\n<p>HECM lenders are required to verify the source of your down payment funds. Simply put, you must use no-strings-attached money that is legally considered yours for the down payment.<\/p>\n<h2>What kind of homes can I buy with a reverse mortgage?<\/h2>\n<p>A HECM for purchase can be used to buy various types of FHA-approved dwellings, including:<\/p>\n<ul>\n<li aria-level=\"1\"><strong>Single-family homes:<\/strong> Standard single-family residences.<\/li>\n<li aria-level=\"1\"><strong>Planned unit developments (PUDs):<\/strong> <a href=\"https:\/\/www.nar.realtor\/residential-real-estate\/planned-unit-developments\">PUDs<\/a> are communities in which individual owners own parcels or units and share ownership of common areas.<\/li>\n<li aria-level=\"1\"><strong>Condominiums or townhouses:<\/strong> Provided they meet <a href=\"https:\/\/www.fha.com\/fha_article?id=3408\">FHA approval guidelines<\/a>.<\/li>\n<li aria-level=\"1\"><strong>2-4 unit owner-occupied homes:<\/strong> You can buy a property with up to four units as long as you live in one of them.<\/li>\n<li aria-level=\"1\"><strong>Manufactured homes:<\/strong> Must meet HUD guidelines.<\/li>\n<li aria-level=\"1\"><strong>Newly built houses:<\/strong> The home must have a <a href=\"https:\/\/www.homelight.com\/blog\/certificate-of-occupancy\/\">certificate of occupancy<\/a> in place.<\/li>\n<\/ul>\n<\/div>\n\n","protected":false},"excerpt":{"rendered":"<p>What\u2019s required to buy a home with a reverse mortgage? To buy a home with a reverse mortgage, you need to meet specific eligibility requirements. Here\u2019s what you\u2019ll need: Age requirement: You must be 62 years of age or older. Standard reverse mortgage requirements: You must meet the criteria for a traditional reverse mortgage, including [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":7075441,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[99],"tags":[10958,235975,1159,11008,3959,11425],"dealstore":[],"offerexpiration":[],"class_list":["post-7075440","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-real-estate","tag-buying","tag-hecm","tag-home","tag-mortgage","tag-purchase","tag-reverse"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Buying a Home With a Reverse Mortgage: HECM for Purchase - Som2ny Network<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fivemor.com\/?p=7075440\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Buying a Home With a Reverse Mortgage: HECM for Purchase - Som2ny Network\" \/>\n<meta property=\"og:description\" content=\"What\u2019s required to buy a home with a reverse mortgage? 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