REVERSE MORTGAGE FOR PURCHASE · 11 STATES
Buy your next home with a reverse mortgage and no required monthly mortgage payment. Duane explains how it works for buyers 62 and older in the 11 states where I am licensed.
Licensed in 11 states
Compare many lenders
No-pressure advice
WHAT IT IS
HECM for Purchase lets a buyer 62 or older combine a larger down payment, often from the sale of a prior home, with a reverse mortgage to buy a new primary residence. There is no required monthly mortgage payment.
You must live in the home as your primary residence, meet FHA requirements and complete HUD-approved counseling. The down payment amount depends on your age, the rate and the home price.
Move closer to family or into a home that fits your lifestyle.
Proceeds from the sale of your current home often fund the down payment.
No required principal and interest payment. Taxes, insurance and upkeep remain yours.
The purchase and the loan close together, so no separate refinance is needed later.
HOW IT WORKS
01
Share where you want to live and what you expect from your current home sale.
02
A HUD-approved counselor reviews the loan and your alternatives.
03
With numbers in hand, you can make an offer with confidence.
04
Appraisal, FHA review and closing follow, with updates from me.
LOCAL KNOW-HOW
Availability can vary by lender and property. I confirm what is offered through my lender network.
Virginia
Many Virginians relocate within the state to be near family or into a smaller, easier-to-keep home.
Tennessee
Many retirees choose Tennessee for its mix of cities and mountains. I check the property and the program rules.
Georgia
From metro Atlanta to the coast, Georgia offers many options for buyers 62 and older.
FAQ
It depends on your age, the interest rate and the home price. I run the numbers for your situation.
It suits some buyers and not others. We compare it with a traditional purchase loan, and I am candid about the trade-offs.
Primary residences that meet FHA property requirements, such as many single-family homes and FHA-approved condos.
EXPLORE MORE
NEXT STEP
Tell me about your plans and I will outline how this could work. No pressure.
Duane Buziak, NMLS #1110647, Coast2Coast Mortgage, LLC, NMLS #376205. Licensed in VA, FL, TN, GA, NC, SC, MD, DC, WV, TX and KY. Equal Housing Lender. This information is educational and is not an indication of loan qualification, approval or a commitment to lend. Rates, programs and guidelines change and are subject to credit approval.
