The Purchase Reverse Mortgage program was designed to allow seniors to purchase a new principal residence and obtain a reverse mortgage within a single transaction by eliminating the need for a second closing. The program was also designed to enable senior homeowners to relocate to other geographical areas to be closer to family members or downsize to homes that meet their physical needs, i.e., handrails, one-level properties, ramps, wider doorways, etc.

Home Equity Conversion Mortgage for Purchase loan allows borrowers to purchase a new home with a reverse mortgage. That means you can complete both the purchase and reverse mortgage transactions with a single set of closing costs with a HECM for purchase. How Does a HECM for Purchase Work?