HECM for purchase was designed to allow seniors (62+) to purchase a new residence which enables senior homeowners to relocate to other geographical areas to be closer to family, downsize to homes that meet their physical needs and into areas where there is no outside work required.
HECM for Purchase financing can make it easier and more affordable for your clients age 62 and older to buy a home that better fits their lifestyle, without having to take on monthly mortgage payments. (Of course, they'll still be responsible for paying property taxes and required homeowners' insurance.) This may help them more comfortably afford an upgrade, or spend less money out-of-pocket. The chart below shows hypothetical examples of the down payment required with this mortgage option.