Reverse Mortgage · HECM for Purchase
HECM for Purchase
Buy a new primary residence without taking on a monthly mortgage payment. The HECM for Purchase (H4P) combines home sale proceeds with a reverse mortgage to fund your next chapter.
How HECM for Purchase Works
Find Your New Home
Identify the home you want to purchase as your primary residence. Work with a real estate agent experienced with H4P transactions.
Determine Your Down Payment
Your down payment — typically from home sale proceeds, savings, or other assets — covers the difference between the purchase price and the HECM loan amount.
Complete HUD Counseling
All HECM borrowers must complete a session with a HUD-approved housing counselor before the loan closes. This is a federal requirement.
Close and Move In
At closing, the HECM provides the remaining funds. You own the home outright and have no required monthly mortgage payment.
Why Consider HECM for Purchase?
- No required monthly mortgage payments — preserve retirement cash flow
- Move closer to family, downsize, or right-size your home in retirement
- Use proceeds from selling your current home as the down payment
- Keep more of your liquid savings and retirement assets intact
- Own the home — you remain on title just like any other homeowner
- FHA-insured program with consumer protections
General Requirements
- At least one borrower must be age 62 or older
- The purchased home must become your primary residence within 60 days of closing
- Down payment comes from your own assets — not borrowed funds
- HUD-approved counseling session required before closing
- Property must meet FHA minimum property standards
Requirements above are for the HECM for Purchase program. Some proprietary reverse mortgage purchase programs may have different age requirements — ask a licensed loan officer about your options. Down payment requirements and loan amounts vary based on age, home purchase price, current interest rates, and program guidelines. This is not a commitment to lend. Ennkar, Inc. NMLS #976231. Licensed mortgage company in 16 states. Not all products available in all states. View licensing information · NMLS Consumer Access. Federal law requires HUD-approved counseling before a HECM loan closes. Find a HUD-approved counselor.
Explore what HECM for Purchase may look like for you
Get a free, no-obligation estimate. A licensed Ennkar loan officer will walk through the numbers with you.
This is not a commitment to lend. Ennkar, Inc. NMLS #976231. Licensed mortgage company in 16 states. Not all products available in all states. View licensing information · NMLS Consumer Access.