Imagine using a reverse mortgage to buy a new home—how does it work? HECM for Purchase allows seniors aged 62 or older to purchase a new property using loan proceeds from a reverse mortgage. This innovative program, established under the Housing and Economic Recovery Act of 2008 and launched on January 1, 2009, offers significant benefits. Seniors benefit from streamlined transactional processes, involving only one set of closing costs compared to the traditional method of purchasing a home and subsequently obtaining a reverse mortgage, which incurs two separate sets of closing costs.

Qualified seniors must meet all HECM requirements, including both established guidelines and updated regulations. Tim Kealy provides expert guidance to navigate these complexities, ensuring seniors make informed decisions tailored to their housing needs and financial goals.