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
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