Reverse mortgages for purchase let retirees buy a home without monthly mortgage payments. Learn how this option works in the current market and whether it fits your retirement plans. Contact a specialist to explore your choices.
Holden Kellerhals, Lending Strategist
NEXA Lending
Phone: (727) 591-5591
Email: [email protected]
NMLS# 2646551
Company NMLS# 1660690
Licensed in: FL, IA
Calculations based on 30-year fixed mortgage. PMI applies when down payment is less than 20%. Bank Statement loans are considered Non-Qualified Mortgage (Non-QM) products. Qualification is based on the review of personal or business bank statements rather than tax returns. Interest rates and down payment requirements for these products may be higher than those of conventional government-backed mortgages (such as FHA, VA, or Fannie Mae/Freddie Mac loans). Not all applicants will qualify. Annual Percentage Rate (APR) is subject to increase after consummation. Advertised terms are based on a loan amounts with a 760 FICO, Loan-to-Value, and 30-year fixed/ARM rate. Monthly payments includes principal and interest only; actual payment will be higher with taxes and insurance and HOA. This is not an offer to enter into an agreement. This is not a commitment to make a loan. Not all customers will qualify. Information, rates and programs are subject to change without prior notice. All products are subject to credit and property approval. All approvals are subject to underwriting guidelines. Not all products are available in all states or for all dollar amounts. Other restrictions and limitations may apply. VA loans subject to individual VA Entitlement amounts and eligibility, qualifying factors such as income and credit standards, and property limits. NEXA Mortgage, LLC is not affiliated with any government agencies. These materials are not from VA, HUD or FHA, and were not approved by VA, HUD or FHA, or any other government agency. Copyright © 2025 NEXA Mortgage, LLC NMLS#1660690. AZMB#0944059. 5559 S Sossaman Rd, Bldg #1 Ste #101, Mesa, AZ 85212, 602-344-9333. NEXA Mortgage, LLC is an Equal Housing Lender. All rights reserved.
Reverse Mortgage Purchase Options for Today's Buyers
July 21, 2026
Many retirees want to move into a new home but worry about taking on a traditional mortgage payment. A reverse mortgage for purchase offers one way around that concern. This approach lets eligible homeowners buy a property while converting home equity into cash flow. It has gained attention as rates stay elevated and inventory remains tight.
A reverse mortgage for purchase works much like a standard home purchase but uses the loan proceeds to cover most of the price. The borrower must be at least 62 years old and meet other FHA requirements for a HECM loan. The home becomes the primary residence and must meet basic safety and livability standards. Lenders review income, credit, and counseling completion before approval.
Buyers still need to cover closing costs, taxes, insurance, and any down payment gap not covered by the loan. The loan balance grows over time as interest accrues, but no monthly principal or interest payments are required. This structure can free up cash for other retirement expenses. Property upkeep and ongoing costs remain the borrower's responsibility throughout the loan term.
Sellers may see more interest from cash-ready older buyers who use this financing. Buyers gain flexibility to relocate without stretching monthly budgets. Market conditions with higher rates can make the no-payment feature more attractive for those with limited income. Professional guidance helps match the loan to long-term housing goals.
Reverse mortgage purchase loans provide a practical path for eligible seniors. They combine home buying with income flexibility in one transaction. Reach out for details tailored to your situation.