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Reverse Mortgage for Purchase

Buy Your Next Home — With No Monthly Mortgage Payments

A Reverse Mortgage for Purchase lets qualifying seniors buy a new home using a government-backed reverse mortgage. Keep more cash in your pocket and live comfortably in a home that fits your life.

See If You Qualify
How it Work
Serving homeowners across multiple states
FHA / HUD Insured Program
No Pressure. No Sales Tactics.
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What is Reverse Mortgage for Purchase?

A Smarter Way for Seniors to Buy a Home

A Home Equity Conversion Mortgage (HECM) for Purchase — also called a “reverse mortgage for purchase” — is a government-backed loan that allows homebuyers aged 62 or older to purchase a new primary residence without making monthly mortgage payments.

Instead of paying a full purchase price in cash or taking on a traditional mortgage, you combine a one-time down payment with a HECM loan to complete the purchase. You retain full ownership of your home, and repayment of the loan is only required when you sell, move out, or pass away.

This program is insured by the Federal Housing Administration (FHA) and is regulated by the U.S. Department of Housing and Urban Development (HUD). 

This Program May Be Right for You If:

  • You are 62 years or older
  • You want to downsize, relocate, or move closer to family
  • You'd prefer to preserve savings and investments
  • You want to avoid a monthly mortgage payment
  • You plan to make the new home your primary residence
  • Your current home has substantial equity (from sale or savings)
Step-by-Step

How the Reverse Mortgage for Purchase Works

Specialized Reverse Mortgage Programs for buying, refinancing, and unique property types across Alabama, Florida, and Georgia.

Consult with Us

We review your goals, age, credit, income, and current home equity to determine if Reverse Mortgage for Purchase is a fit.

HUD Counseling

All HECM borrowers are required to complete a short, independent HUD-approved counseling session. We help you arrange it.

Choose Your Home

Select an eligible property — a single-family home, FHA-approved condo, or 1–4 unit home — as your primary residence.
Why It Works for Seniors

Key Benefits of Reverse Mortgage for Purchase

This program was specifically designed to help seniors age on their own terms — without sacrificing financial flexibility.

No Monthly Mortgage Payments

You’re only required to keep current on property taxes, insurance, and HOA fees. No monthly mortgage bill.

You Keep Full Ownership

You remain on the title. The lender never owns your home. Your estate keeps any remaining equity after the loan is repaid.

Preserve Your Retirement Savings

Instead of tying up savings in a full cash purchase, you use a HECM and keep your portfolio intact and working for you.

Government-Backed & FHA Insured

HECM is the only federally insured reverse mortgage. You’re protected by HUD guidelines and FHA insurance.

Move Closer to Family or Downsize

Relocate to a better climate, move near grandchildren, or right-size into a more manageable home — on your terms.

Non-Recourse Loan Protection

You or your heirs will never owe more than the home’s appraised value at the time of repayment — even if the loan balance exceeds it.
Eligibility Requirements

Do You Qualify?

Reverse Mortgage for Purchase has clear, straightforward eligibility requirements set by HUD. Here’s what you need to know.

Not Sure If You Qualify?

Every situation is different. The best way to find out is a simple, no-obligation conversation. We’ll review your situation and give you an honest answer — no pressure, no sales pitch.
See If You Qualify
1
Age
At least one borrower must be 62 years of age or older at the time of closing.
2
Residence
The purchased home must be your primary residence — not a vacation property or investment.
3
Property
Eligible properties include single-family homes, FHA-approved condos, manufactured homes (FHA-eligible), and 1–4 unit homes.
4
Down Payment
You must bring a down payment to closing — typically 40–60% of the purchase price, depending on your age and interest rates.
5
Financials
You must demonstrate the ability to pay ongoing property taxes, homeowner's insurance, and maintenance costs.
6
Counseling
HUD-approved Reverse Mortgage counseling is required before the loan can be processed. We'll connect you with an approved counselor.

Your Information

All fields update results in real time

70 yrs
626874808690
6.5%
3%5%7%9%12%
Loan Purpose

Your Estimated Benefit

Updates as you change inputs

Available Net Benefit
—
After paying off any existing mortgage
Principal Limit Factor (PLF) —
FHA Max Claim Amount
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Maximum Loan Amount
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Existing Mortgage Payoff
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Net Available Benefit
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Interest Rate Used
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$0 Required Monthly Payment HECM loans require no monthly mortgage payments
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Free consultation · No obligation · 1 business day response

* Estimates are educational only and based on simplified PLF approximations. Actual amounts depend on HUD PLF tables, current rates, appraisal, and individual qualification. FHA 2024 lending limit: $1,149,825.

Common Questions

Frequently Asked Questions

We want you to feel fully informed and confident. Here are the questions we hear most often.
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Who owns the home, and what happens when I pass away or move out?

With a Reverse Mortgage for Purchase, you own the home just like any traditional mortgage. Your name is on the title, and you retain full ownership as long as the home remains your primary residence and loan obligations are met.

When the borrower permanently moves out or passes away, the loan becomes due and payable. Heirs typically have up to 12 months, with possible extensions, to sell the home, refinance the loan, or otherwise satisfy the balance.

Under the FHA non-recourse guarantee, neither you nor your heirs will ever owe more than the home’s appraised value at the time of sale. 

The required down payment varies based on your age, the home’s purchase price, and current interest rates. As a general illustration, it often ranges from roughly 40% to 60% of the purchase price — the older you are, the smaller the required contribution tends to be as a percentage. These figures are estimates only and are not a loan approval or commitment. Actual amounts depend on borrower age, interest rates, HUD guidelines, and property details at the time of application. We’ll walk through the specifics during your consultation. 

Yes — this is one of the most common scenarios. Many seniors sell their existing home, use a portion of the equity as a down payment on the new HECM purchase, and keep the remaining proceeds for retirement savings or living expenses. It’s a powerful strategy for preserving financial security.
Eligible properties include single-family homes, FHA-approved condominiums, townhouses, and manufactured homes that meet FHA guidelines. The property must be your primary residence — vacation homes and investment properties do not qualify.
Reverse Mortgage for Purchase options are available in Alabama, Florida, Georgia, Tennessee, Texas and other states where we are licensed to assist. All loans are originated through Total Media Management LLC dba Worthington Mortgage, NMLS #1018333, an Equal Housing Lender. Stan Goff, NMLS #294725, Licensed Loan Officer.
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about whether Reverse Mortgage for Purchase makes sense for your situation.

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