Page last updated: July 2026 · Rates and program guidelines current as of publish date
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Buy, Don't Just Refinance

HECM for Purchase Florida

HECM for Purchase lets Florida homeowners 62 and older buy their next primary residence with a reverse mortgage in a single closing — no separate forward mortgage, no refinance later. A portion of the purchase price is paid upfront, typically from the sale of a prior home, with no required monthly mortgage payments on the balance.

1
Single closing combines the home purchase and the reverse mortgage
62+
Minimum age of the youngest borrower to qualify
$0
Required monthly mortgage payments on the financed balance
Who Uses HECM for Purchase

Buying Smarter in Retirement

Downsizers

Sell a larger home, buy a right-sized Florida property, and keep more sale proceeds in savings and investments.

Snowbirds Relocating Permanently

Retirees moving to Florida full-time can buy their new primary residence without tying up all their cash.

Buyers Near Family

Purchase a home closer to adult children or grandchildren without draining retirement accounts to do it.

Cash Preservation Buyers

Retirees who could pay cash but prefer to keep more liquidity for healthcare, emergencies, or legacy planning.

How It Works

From Sale Proceeds to New Closing, in One Sequence

1

Sell or Access Prior Savings

Proceeds from selling a prior home, or other savings, fund the required upfront portion of the purchase.

2

HUD Counseling

Independent, HUD-approved counseling is required before closing, same as any HECM.

3

One Closing

The home purchase and the reverse mortgage close together — no separate forward mortgage or later refinance.

Not Moving, Just Need Equity?

If you're staying in your current home, a traditional HECM may be the simpler fit.

See the Full Reverse Mortgage Guide →
Frequently Asked Questions

HECM for Purchase, Explained

What is a HECM for Purchase loan?
HECM for Purchase lets a homeowner 62 or older buy a new primary residence using a reverse mortgage in a single transaction, combining the purchase and the reverse mortgage into one closing.
How much down payment is required for HECM for Purchase?
The required upfront amount, typically paid from the sale proceeds of a prior home or other savings, is generally larger than a conventional down payment and depends on the buyer's age, the new home's price, and current interest rates. A licensed advisor can calculate the specific amount for your scenario.
Why would a retiree use HECM for Purchase instead of paying cash?
Buying with HECM for Purchase can preserve more retirement savings and investments compared to paying all cash, since only a portion of the purchase price is required upfront, with no required monthly mortgage payments on the remainder.
Talk With Kelly & Ray

See What a HECM for Purchase Could Look Like

Private consultation with Kelly or Ray Nadeau. We'll walk through the numbers for your specific purchase scenario — no obligation.

Schedule a Consultation → Already Qualified? Apply →
📞 321-321-9455 · Kelly Nadeau NMLS #1027618 · Ray Nadeau NMLS #1027617
Kelly Nadeau NMLS #1027618 | Ray Nadeau NMLS #1027617 | Equity Smart Home Loans NMLS #856170 | Equal Housing Lender
Not a commitment to lend. All loans subject to credit approval and program guidelines. Qualification pathway and income calculation methods vary by program. Rates and programs subject to change without notice.
Trusted Resources:
CertainlySold.net FLHomesMagazine.com
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