H4P – HECM for Purchase

Am I Allowed To make use of a reverse mortgage loan to purchase a home in Salem Oregon?

Answer:

Yes. The Department of Housing and Urban Development (HUD) has a “HECM for Purchase” program that allows baby boomers in Salem Oregon, age 62 or older, to buy a property using a reverse mortgage. You will need a much bigger down payment as compared to a conventional mortgage, although just like reverse mortgages, you will not have to make payments on the mortgage providing you satisfy each of the requirements of the loan.

Tip:

To learn more about the program, check out HUD’s website, or ask your housing counselor. You can find a housing counselor utilizing HUD’s counselor search webpage