Downsize, relocate, or right-size — without a monthly mortgage payment.

If you’re age 62 or older and thinking about moving — whether to be closer to family, reduce upkeep, or finally get into a home that fits your needs — there’s a financing option you may not have considered:

👉 A HECM for Purchase (also called “Reverse for Purchase”) lets you buy a new primary residence using a reverse mortgage — and never make a monthly mortgage payment.

It’s one of the smartest ways for retirees to relocate without sacrificing lifestyle or liquidity.

Here’s how it works and why more seniors are using it to create freedom and flexibility in retirement.

---

✅ What Is a HECM for Purchase?

A HECM for Purchase is a reverse mortgage designed specifically for buying a new home.

It allows you to:

• Use proceeds from the sale of your current home (or savings)
• Combine it with reverse mortgage financing
• Move into a new home without taking on a monthly mortgage payment

💡 The home must be your primary residence, and you’ll still be responsible for taxes, insurance, and maintenance.

---

🔁 How It Works (Step-by-Step)

1. Sell your current home — or bring cash to closing
2. Use a portion of the funds as your down payment
3. The HECM loan covers the rest of the purchase price
4. You move into your new home — with no monthly mortgage payments

📘 The amount of down payment required depends on:

• Your age
• The home price
• Current interest rates

Older borrowers typically contribute 40–60% down — the reverse mortgage funds the rest.

---

💡 Why Use a Reverse Mortgage to Buy?

• ✅ Avoid tapping retirement savings for a full cash purchase
• ✅ Eliminate monthly mortgage payments
• ✅ Right-size into a more manageable or accessible home
• ✅ Move closer to family or medical care
• ✅ Free up cash for travel, health, or legacy planning

For many seniors, this is the key to living where they want, on their terms.

---

🧠 Example Scenario

• You’re 70 years old and sell your home for $500,000
• You buy a one-level condo for $400,000
• You put down ~$200,000
• A HECM for Purchase funds the other $200,000
  ✅ You keep the rest of your sale proceeds and pay no monthly mortgage

You’ve just relocated, kept your nest egg, and gained peace of mind.

---

⚠️ What Are the Rules?

To qualify, you must:

• Be at least 62 years old
• Live in the home as your primary residence
• Move in within 60 days of closing
• Complete HUD-approved counseling
• Meet financial assessment guidelines (to ensure you can cover taxes and insurance)

The home must also meet FHA property guidelines and be move-in ready (no fixer-uppers).

---

🏢 Why PRMI?

We help homebuyers:

• Understand how much you’ll need to bring to closing
• Coordinate the sale of your current home and purchase of the next
• Eliminate confusion around reverse purchase timelines and rules
• Build a financial plan that balances freedom with stability

You don’t have to choose between downsizing and saving — we’ll help you do both.

---

👇 Want to Buy a Home Without Taking on a Monthly Mortgage Payment?

We’ll show you exactly how much home you can afford with a HECM for Purchase — and whether it’s the right move for your next chapter.