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Reverse · 62 and over

Buy the right-sized home with no monthly mortgage payment.

The HECM for Purchase lets buyers 62 and older put down a large part of the price, often from the sale of the previous home, and finance the rest with an FHA-insured reverse mortgage that requires no monthly principal and interest payment. You own the home; the loan is repaid when you sell or leave.

Age62 or older
Down paymentAbout 45% to 65% of price
Monthly mortgage paymentNone required
Insured byFHA (HECM)
See if I qualifyCall (856) 606-1070
4.4 on Google · 214 reviewsNMLS 13988Licensed in 15 states + DC
Who it's for

Is a reverse purchase right for you?

  • Downsizers who want to keep more of the sale proceeds
  • Retirees moving closer to family without draining savings
  • Buyers who want a newer, single-level or accessible home
  • Couples where at least one borrower is 62 or older
How it works

Three steps from here to closing.

Counseling

A HUD-approved counselor walks you through the loan first; it is required.

Offer and appraisal

The down payment comes from your funds (sale proceeds, savings). No gifts from the seller.

Close

You move in with no monthly mortgage payment. Taxes, insurance and upkeep remain yours.

What you'll need

Requirements at a glance.

  • Youngest borrower at least 62
  • Down payment of roughly 45% to 65% of the price depending on age and rates, from your own funds
  • Primary residence, one to four units, FHA-eligible property
  • HUD counseling certificate
  • Ability to pay property taxes, insurance and maintenance (financial assessment)
Straight talk

The upside, and what to weigh.

Why people choose it

  • No monthly principal and interest payment
  • Keep more retirement savings invested
  • Non-recourse: you or your heirs never owe more than the home is worth

Things to consider

  • Large down payment from your own funds
  • The balance grows over time, so less equity passes to heirs
Common questions

Asked on almost every first call.

Do I still own the home?

Yes. Title stays in your name. The loan is repaid when the last borrower sells, moves out or passes away.

Can my spouse under 62 be on the loan?

They can be an eligible non-borrowing spouse with protections to remain in the home.

What happens to my heirs?

They can keep the home by paying off the balance or 95% of the appraised value, or sell it and keep any remaining equity.