Reverse Mortgage to purchase is a fairly new program designed for people age 62 and above that want to use the proceeds from a Reverse Mortgage to purchase their next home. Seniors are eligible to use proceeds from a reverse mortgage to purchase a principal residence as part of HUD's "HECM for Purchase Program." To be eligible the youngest homeowner has to be age 62 or older and the home that is going to be purchased must be the primary residence for the homeowner, to be occupied within 60 days of closing.  There can be no mortgage loan other than the H.E.C.M. for purchase used to buy the home and the difference between the purchase price of the home and the H.E.C.M. proceeds must be paid in cash or from sale of existing home. An example is a 70 year old trading up or down or relocating could purchase a $200,000 home with $122,000 coming from the Reverse Mortgage and the balance / down payment would be $78,000.

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