HECM for Purchase in California

Buy a new home using a reverse mortgage — no monthly mortgage payment

A HECM for Purchase lets eligible homeowners 62+ buy a new primary residence using a reverse mortgage instead of a traditional loan. This page explains how it works, who it fits best, and how to find the right home without adding a new monthly mortgage payment.

Who is the homeowner considering the reverse mortgage?

✅ Got it — we work with both homeowners and family decision-makers.

What is your age (or the age of the youngest homeowner on title)?

Use this dropdown to select age*

And what would you like to explore today?

✅ Thanks — your age helps determine how much down-payment you'll need, and we’ll tailor your options based on your goal and eligibility.

Where are you looking to buy?

Do you currently own a home?

✅ Thanks — your age helps determine how much equity you can access, and we’ll tailor your options based on your goal and eligibility.

What are you hoping to accomplish with this refinance?

✅ Thanks — we’ll show you only the programs that match your goal and eligibility.

What’s the address of the home you want us to look at?

Country

✅ That helps us personalize your options around your needs.

When are you looking to move forward?

✅ We’ll pace everything to fit your timeline and comfort level.

Where should we send your personalized reverse mortgage plan?

NEXT

Quick definition: HECM for Purchase

A HECM for Purchase is a federally insured reverse mortgage that allows eligible buyers (typically age 62+) to purchase a primary residence by combining a down payment with reverse mortgage proceeds. The result: no required monthly mortgage payment, as long as program rules are followed.

It's often used by homeowners who are downsizing, relocating, or buying their "forever home" without taking on a new traditional mortgage.

When a HECM for Purchase is usually the right move

You want to buy without a new mortgage payment

Many buyers use HECM for Purchase to eliminate required monthly mortgage payments while still owning their home.

  • Common for retirees on fixed income
  • Helpful when preserving cash flow matters
  • Often paired with downsizing or relocation

You're selling or have equity to contribute

HECM for Purchase typically requires a meaningful down payment from sale proceeds, savings, or other assets. The reverse mortgage covers the remaining portion of the purchase price.

How HECM for Purchase works (step by step)

1) Choose the home

You select a qualifying primary residence that meets FHA property requirements.

2) Make the required down payment

You contribute a portion of the purchase price. The exact amount depends on age, interest rates, and home price.

3) Reverse mortgage funds the rest

The HECM covers the remaining balance. No required monthly mortgage payments follow.

Finding the right home for a reverse purchase

Not every property is a fit for HECM for Purchase. Location, property type, and condition all matter. Aligning the home search with the loan structure early is what keeps the process calm and predictable.

Search homes on SolveRealty.com Back to reverse hub

Want us to sanity-check a home before you write an offer? Schedule a call and we'll tell you what to watch.

When to compare other reverse options

Compare standard HECM

If you already own a home and don't plan to move, a traditional HECM may fit better.

HECM overview →

Compare HomeSafe jumbo (55+)

For higher-value homes or age 55+ scenarios, a proprietary jumbo reverse may be worth reviewing.

HomeSafe jumbo →

FAQs: HECM for Purchase in California

Do I still own the home with HECM for Purchase?
Yes — you typically keep title in your name, while following reverse mortgage program rules.
Is there a required down payment?
Yes. The down payment varies by age, interest rates, and home price. We can estimate it quickly once we know the property and your age.
Can I use HECM for Purchase on any home?
No. The home must meet FHA property requirements and must be your primary residence.
Is HECM for Purchase better than buying with cash?
It depends. Some buyers prefer preserving liquidity rather than putting all cash into the home upfront.
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This material is not from HUD or FHA and has not been approved by HUD or any government agency.​

*The borrower must meet all loan obligations, including living in the property as the principal residence and paying property charges, including property taxes, fees, hazard insurance. The borrower must maintain the home. If the borrower does not meet these loan obligations, then the loan will need to be repaid.​

**Not tax advice. Please consult a tax professional.​

When the loan is due and payable, some or all of the equity in the property that is the subject of the reverse mortgage no longer belongs to borrowers, who may need to sell the home or otherwise repay the loan with interest from other proceeds. The lender may charge an origination fee, mortgage insurance premium, closing costs and servicing fees (added to the balance of the loan). The balance of the loan grows over time and the lender charges interest on the balance. Borrowers are responsible for paying property taxes, homeowner’s insurance, maintenance, and related taxes (which may be substantial). We do not establish an escrow account for disbursements of these payments. A set-aside account can be set up to pay taxes and insurance and may be required in some cases. Borrowers must occupy home as their primary residence and pay for ongoing maintenance; otherwise, the loan becomes due and payable. The loan also becomes due and payable (and the property may be subject to a tax lien, other encumbrance, or foreclosure) when the last borrower, or eligible non-borrowing surviving spouse, dies, sells the home, permanently moves out, defaults on taxes, insurance payments, or maintenance, or does not otherwise comply with the loan terms. Interest is not tax-deductible until the loan is partially or fully repaid.​

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