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Can I use a reverse mortgage loan to purchase a home?

A reverse mortgage can be used to purchase a different home if you are looking to downsize or upsize. This is known as a HECM for purchase. Using a HECM for purchase to purchase a home allows you to obtain a new home without having to take on monthly mortgage payments. You are still required to pay property taxes, insurance, any HOA dues (if applicable), and maintenance costs.