Purchase A House With A Reverse Mortgage

Could I use a reverse mortgage loan to buy a property?

Answer:

Yes. The Department of Housing and Urban Development (HUD) has a “HECM for Purchase” program that enables baby boomers, age 62 or older, to buy a house using a reverse mortgage. You will need a much larger down payment when compared with a regular mortgage, but like all reverse mortgages, you won’t have to make monthly mortgage payments on the loan as long as you satisfy all of the requirements of the loan.

Tip:

To learn more about the reverse mortgage program, visit HUD’s website, or ask your housing counselor. You can locate a housing counselor using HUD’s counselor search page.

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