More Lenders Offering HECM Purchase Loans

Although there was a slow start to lenders offering the ability to purchase a home using a reverse mortgage, the industry is now coming on board with the idea of offering this unique loan program. Many seniors thinking of making a housing change and not wanting a mortgage have previously only been able to buy using the cash they had on hand or had within the equity of the home they were selling.
A HECM purchase loan allows a home buyer to buy a home with no mortgage payment. The money used for down payment is matched with the available reverse mortgage benefit allowing for either an ability to not use all your money or use all your money and buy more home. Check out WashingtonReverse.com for details on this great home buying loan program.