HECM for Purchase: Right-Size Without a Payment

Buy a new home using a down payment plus a reverse mortgage — with no required monthly mortgage payment. For buyers 62+ who want to move without stretching cash flow.

How It Works

Purchase a Home. Skip the Monthly Payment.

A HECM for Purchase (H4P) lets buyers 62 and older purchase a new primary residence using a combination of a down payment and a HECM — with no required monthly mortgage payment.

It's designed for people who want to move closer to family, right-size to a more manageable home, or relocate — without tying up cash flow in a new mortgage payment.

The purchase price is typically split roughly 60–65% down payment, with the remainder covered by the HECM. You own the home with title in your name from day one.

Example Scenario

What This Looks Like on Long Island

H4P Purchase — Example

Purchase Price$550,000

Down Payment~$357,500 (65%)

HECM Covers~$192,500

Monthly Payment$0

Cash Preserved$192,500

Based on 68-year-old borrower. Actual figures vary. Contact for personalized illustration.

Key Benefits

No monthly P&I payment on the HECM portion of the purchase

Preserve cash and investment accounts that would otherwise fund the full purchase

Works with new construction, single-family, approved condos, and FHA-eligible properties

Title in your name from day one — you own the home outright

Most agents don't know this option exists — it changes what's possible in a purchase

Thinking About a Move?

Let's look at the numbers for your situation. A 20-minute call will tell you whether H4P makes sense and how much cash it could preserve.

Book a Time With Perry

Or call: 516-851-0696