Can I use a reverse mortgage to buy a home?


If you want to buy a new property and make no mortgage payments on it, a reverse mortgage might be a fit.

Just remember that you will need a large down payment (at least 45% to 75% depending on your age, location, etc.). Moreover, in some cases, a lower cost mortgage or HELOC might be a better fit (if you capitalize the payments).

Some clients use a reverse mortgage to buy a second home as well, such as for a family member.