Can I use a reverse mortgage to buy a home?
Yes. A HECM for Purchase lets buyers 62 and older buy a new home with roughly 50–65% down and no required monthly mortgage payment for life, as long as taxes, insurance, and maintenance stay current. The exact down payment depends on age and current rates. Utah retirees use it most often to downsize or relocate closer to family without tying up all of their proceeds.
Yes. A HECM for Purchase lets buyers 62 and older buy a new home with roughly 50–65% down and no required monthly mortgage payment for life, as long as taxes, insurance, and maintenance stay current. The exact down payment depends on age and current rates. Utah retirees use it most often to downsize or relocate closer to family without tying up all of their proceeds.
Detailed answer
HECM for Purchase is ideal for Utah retirees right-sizing into a smaller or newer home — particularly in Washington County. You bring a down payment, the reverse mortgage covers the rest, and you have no monthly mortgage payment as long as you live in the home.
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