REVERSE MORTGAGES : Can I Purchase A New Home With A Reverse Mortgage?

American Reverse Mortgage has a HECM Home Purchase program which is designed to enable Seniors to purchase a new primary residence. Seniors may obtain a Reverse Mortgage with a single transaction and buy a potentially upgraded home without having to make a monthly mortgage payment. The cash down payment required is based on age of borrower(s), property value and the interest rate on the loan.