Buying a House With a Reverse Mortgage
For there to be equity to cover the accrued interest, the HECM for Purchase requires that you pay about half the home’s sales price with your own cash.
USE YOUR EXISTING HOME TO BUY YOUR NEW HOME
“Instead of buying our retirement home for cash, we used a HECM(reverse mortgage) to finance about half.“ See an example of buying with and without a HECM. Also review the chart on how much money is available likely based upon your age & house value.