Can You Buy a Home With a Reverse Mortgage in Arizona? Understanding HECM for Purchase
Yes. Homeowners age 62 or older can buy a home using a reverse mortgage through an FHA-insured program called the Home Equity Conversion Mortgage for Purchase, or HECM for Purchase (H4P). The buyer typically provides a substantial down payment of roughly 45 to 60 percent of the purchase price using proceeds from a home sale…