Instead of paying all cash or using a traditional mortgage, you make a large down payment (typically of the purchase price). The reverse mortgage covers the remaining balance. Ask the Pros: Using a Reverse Mortgage to Buy a New Home
Using a allows seniors to buy a new primary residence while financing a portion of the price with a reverse mortgage. This eliminates monthly mortgage payments for as long as you live in the home, provided you maintain it and pay property taxes and insurance. How It Works using a reverse mortgage to buy a new home