Unlock your dream home with a reverse mortgage

A reverse mortgage for purchasing a home, also known as a home equity conversion mortgage for purchase, can be an attractive option for seniors, typically aged 62 and older.

Here are six reasons someone might choose to use a reverse mortgage to buy a home:

With a reverse mortgage, homeowners are not required to make monthly mortgage payments. This can significantly ease the financial burden on seniors who are on fixed incomes, allowing them to maintain their standard of living without the stress of a monthly mortgage payment.

By using a reverse mortgage, seniors can preserve their cash reserves. Instead of using all their savings or investment funds to purchase a new home, they can finance part of the purchase with a reverse mortgage. This allows them to keep more money in their accounts for emergencies, healthcare or other expenses.

A reverse mortgage can enable seniors to buy a home that better suits their needs, whether it is downsizing to a more manageable property, or upgrading to a home with modern amenities or a better location (e.g., closer to family, medical facilities, or in a more suitable climate.)

Since reverse mortgages do not require monthly payments, seniors can use their income for other purposes, such as travel, hobbies or other investments. This financial flexibility can improve their quality of life during retirement.

For those who want to buy a new home but are concerned about long-term affordability, a reverse mortgage provides the ability to stay in the home without the worry of future mortgage payments. This can be particularly appealing for those planning to stay in the home for the remainder of their lives, as they can enjoy the new home without financial strain.

You retain ownership of your home, ensuring you can live there for as long as you wish.

If you are 62 or older, you may be able to unlock your dream home with a reverse mortgage.