Taghecm for purchase program

HECM for Purchase – How Does It Work?

Using a Reverse Mortgage to Purchase a New Home While a reverse mortgage has traditionally been used as a way to remain in your home, borrowers can also use it to purchase a new primary residence under the Federal Housing Administration’s (FHA) Home Equity Conversion Mortgage (HECM) program. Released in 2009, the HECM for Purchase Program allows the borrower to use the proceeds of a reverse...