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Can I use a reverse mortgage loan to buy a new home?

April 26, 2017buy Home loan reverse mortgage

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Can I use a reverse mortgage loan to buy a new home?

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Yes, the HECM for Purchase program, which became effective in January 2009, is designed to allow seniors to simultaneously purchase a new principal residence and obtain a reverse mortgage loan by eliminating the need for second closing. With HECM for Purchase, you may choose to move closer to your family members, downsize, or find a home that accommodates physical needs.