Homeowner Equity Lending Program

Use a HECM to Purchase a New or Resale Home


You can use a Home Equity Conversion Mortgage (HEMC) for Purchase to buy a home by taking out the loan on that home, which must be a one-to-four-family dwelling unit to be occupied as a principal residence only. This loan can help you move into a home that perhaps would fit your future needs.

HECM Reverse Mortgages are available to seniors who would like to buy a home as long as:

  • The youngest homeowner is age 62 or older
  • The purchased home would be the primary residence
  • The home would be occupied within 60 days of closing
  • The difference between the purchase price of the home and the HECM proceeds must be paid in cash or from the sale of an existing home

Costs

With a HECM for Purchase, all of the normal costs associated with selling and buying property apply as well as the normal loan fees.