Our site has a very thorough explanation of the HECM Reverse for Purchase concept, but the link below is the HUD’s website and typically is often used as a reference by lenders. I recommend going to our page or the government’s site as an education for anyone who intends to buy a home utilizing the HECM program.
Government’s – HUD’s Reverse for Purchase FAQ’s
New Mexico Reverse Mortgage’s – Reverse for Purchase