by Wade Pfau, Ph.D., CFA
One option in the broader category of using reverse mortgages for debt coordination for housing is the HECM for Purchase program, which was started in 2009 as a way to use a reverse mortgage to purchase a new home. The government saw enough people using a more costly and complicated two-step process—first obtaining a traditional mortgage to purchase the home and then using a reverse mortgage to pay off that mortgage—and sought to simplify the process and costs.
Full story at
https://retirementresearcher.com/using-a-reverse-mortgage-to-purchase-a-new-home/