By Steven Hyde, Founder, Hyde Funding · NMLS #391380. Reviewed October 18, 2026. Hyde Funding is a mortgage lender headquartered in San Diego, lending nationwide since 2015.
Short answer: A HECM for Purchase lets homeowners 62+ buy a new primary residence in one transaction. You bring a down payment, usually from selling your current home or from savings, and the reverse mortgage covers the rest. There is no monthly mortgage payment afterward, although taxes, insurance and upkeep are still yours. You must move in within 60 days of closing.
Retirees downsizing, moving closer to family, moving to a single-level home, or relocating to another state.
The required down payment is the purchase price plus closing costs, minus the HECM principal limit. It depends on age, rates and price. It must come from your own funds, such as home sale proceeds or savings, not borrowed money.
Counseling, pre-qualification, purchase contract, FHA appraisal, closing. New construction may qualify once a certificate of occupancy is issued.
You keep more of your sale proceeds liquid for retirement and avoid a monthly payment. The trade-off is a growing loan balance and less equity left later.
Yes, if the condo is FHA-approved or meets single-unit approval rules.
Not necessarily, but the down payment must be verified and the new home must become your primary residence within 60 days.
Seller concessions are limited. Ask us how they apply.
Talk to Steven: (858) 775-1005 · Free consultation · Apply now
Steven Hyde, NMLS #391380 (NMLS Consumer Access). Equal Housing Opportunity. Reverse mortgage borrowers must live in the home as their primary residence, keep paying property taxes, homeowners insurance and HOA dues, and maintain the home, or the loan may become due. The loan balance grows over time. HECMs are insured by FHA. Hyde Funding is not affiliated with HUD, FHA or any government agency. This is general information, not a commitment to lend. Consult a financial or tax advisor.