The payment
retires too.
Reverse mortgage for purchase, age 62 and up, in Orange County and across California
A reverse mortgage for purchase, called HECM for Purchase, lets buyers 62 and up buy their next home with no monthly mortgage payment for as long as they live there. The sale of the current home usually covers the down payment. You qualify on age and equity, with a light income and credit check. You still pay property taxes and insurance, and you keep up the home.
Sound like you?
Sound
like you?
“Sell the big house. Part of the money buys the next one. Keep the rest.”
Would move, but not with a payment?
The sale pays the down payment. A reverse mortgage pays the rest. No monthly mortgage payment.
Need the sale money to live on?
You keep most of it. Interest adds to the balance, and it is paid from the home, not from you.
Big house, stairs, upkeep?
Sell it. Buy the one-story near the kids or the pool. No mortgage payment. Less upkeep.
How a move-down works.
Sell the big house. Part of the money buys the next one. Keep the rest.
- 01
Step one
Sell the big house
The sale pays the down payment on the next home.
- 02
Step two
Buy the next one
A reverse mortgage pays the rest of the price.
- 03
Step three
Keep the rest
What's left from the sale is yours to live on.
- 04
Every month
No mortgage payment
For as long as you live there. Taxes, insurance, dues and upkeep are still yours.
Reverse for purchase
Questions,
answered.
Will I have a monthly mortgage payment?
No monthly mortgage payment for as long as you live there. You still pay property taxes, homeowners insurance, dues and upkeep.
How do I qualify?
You qualify on age and equity, with a light income and credit check. It is for buyers 62 and up.
Where does the down payment come from?
The sale of your current home pays the down payment. A reverse mortgage pays the rest. The amount depends on your age and the rate.
What happens to the rest of the sale money?
You keep most of it to live on. Interest adds to the balance, and it is paid from the home, not from you.
When is the loan repaid?
Interest adds to the loan and is paid from the home when the last borrower sells, moves out or passes. No one owes more than the home is worth.
What could make the loan come due early?
Owners must live in the home and keep up taxes, insurance, dues and upkeep, or the loan comes due.
Is counseling required?
Yes. Counseling is required for a HECM.
Sound like you?
Text me what you're trying to do. I'll tell you if this loan fits, and what the payment looks like.
Also called a HECM for Purchase, a reverse mortgage used to buy.
Reverse mortgage financing, age 62 and up for a HECM. Owners must live in the home and keep up taxes, insurance, dues and upkeep, or the loan comes due. Counseling required. Not a commitment to lend. These materials are not from HUD or FHA and are not approved by HUD or a government agency.
By Brett Hickman, NMLS #2010859, Home First Financial, NMLS #2465048. Updated September 24, 2026.