Where can I get a reverse mortgage for purchase in the United States?

Start with the product and the purchase purpose

A reverse mortgage for purchase is not a general mortgage listing or a standard home-equity loan. For this search, start with an FHA-approved lender that offers the HECM for Purchase. That distinction gives you the first screening question: are you looking for the FHA-insured HECM for Purchase, or for a different reverse mortgage product with different rules?

The search begins with the product, then moves to the source, the buyer, the property, and the transaction. An eligible lender or mortgage professional can discuss whether the proposed purchase fits the HECM for Purchase structure, but a general mortgage advertisement does not establish that fit. Start by asking each source these questions:

• Do you offer the FHA-insured HECM for Purchase rather than only another reverse mortgage product?
• Are you authorized to make the eligibility determination for this transaction?
• Do you serve the state where the new principal residence will be located?
• What funds will be required at closing, and how will those funds be documented?
• Which property and transaction details must be reviewed before you rely on an availability statement?

A source that cannot answer those questions clearly belongs outside your initial shortlist. Keep the product name in your notes so a discussion about HECM for Purchase does not quietly become a discussion about a proprietary or jumbo program.

For 2026, the FHA HECM lending limit is $1,249,125. FHA reviews the limit every year. That figure is the FHA HECM maximum claim amount for 2026, not a promise of proceeds, approval, or a specific loan amount for your purchase. The amount available in a particular transaction depends on the applicable product rules and the reviewed borrower, property, and purchase details.

Give counseling and lender review different jobs

Reverse mortgage housing counseling and lender review serve different purposes. Speak with a reverse mortgage housing counselor, then shop around and talk to multiple lenders. Required counseling should be completed before the application is completed, and the lender should obtain a copy of the counseling certificate. Treat counseling as an education step and lender review as the step where an eligible lender evaluates the proposed transaction.

A reverse mortgage counselor can explain basic borrower, non-borrowing-spouse, and property requirements. Only an eligible lender can make an eligibility determination. That boundary matters when a website, advertisement, real estate contact, or informal conversation uses words such as eligible, approved, available, or qualified. Ask the counselor to explain the product and the lender to document how the lender will evaluate your transaction.

Use the counseling conversation to prepare questions rather than to seek a decision about your particular purchase. You can ask:

• What HECM for Purchase features should you understand before contacting lenders?
• Which borrower and property facts will the lender need?
• Which funds can be documented for the required investment?
• Which questions belong to the lender, appraiser, title professional, or closing professional?
• What should you keep in your records after counseling?

A lender comparison becomes useful when each lender receives the same basic facts and answers the same questions. Ask for an explanation of the HECM for Purchase product, all fees, the application steps and timeframes, the appraisal process, and what may be required if repairs are identified. Ask when the counseling certificate must be available and what documents will support the funds you plan to bring to closing. Keep the answers together so you can compare equivalent information rather than isolated marketing language.

Before the first lender conversation, prepare a one-page fact sheet. Include the state where you intend to buy, whether the home will be your principal residence, the planned property type, the approximate purchase price, the source of your funds, and any spouse or co-owner information that may affect the application. Add the questions you want answered about counseling, appraisal, repairs, costs, and closing. This preparation does not determine eligibility; it gives each source the same starting information and makes differences between explanations easier to spot.

Match the source to the state and transaction

Provider availability has to match both your state and your purchase. A source may discuss reverse mortgages in general without serving the state where you plan to buy, and a source that offers ordinary reverse mortgages may not offer HECM for Purchase consultations. Ask directly whether the source handles the FHA-insured purchase product for your intended principal residence and whether the source can work with the purchase structure you are considering.

This is our stated service area, not a claim that every HECM for Purchase transaction is available in every listed state or that a particular property will qualify.

Use a short source-screening record before sharing detailed documents:

1. Write the state where the new principal residence will be located.
2. Name the product the source is discussing: HECM for Purchase, another reverse mortgage product, or an option that is not a reverse mortgage.
3. Ask whether the source handles that product in your state.
4. Ask which facts the source needs before describing the transaction as available.
5. Record whether the source has directed you to required counseling and an eligible lender review.

If a source cannot match the product, state, and purchase purpose, keep looking rather than treating a general availability statement as a transaction answer.

Availability is a starting point, not a final finding. Ask the source to separate three answers in writing: whether the provider offers the product, whether the provider serves your state, and whether the proposed borrower, property, and transaction can be reviewed under that product’s rules. Those answers may come from different people or at different stages. Keep them separate in your notes so a general service-area statement is not mistaken for an eligibility decision.

Trace the required funds before comparing sources

A HECM for Purchase requires a monetary investment at closing: the difference between the HECM principal limit and the lower of the sales price or appraised value. The required investment is therefore connected to both the purchase contract and the property’s appraised value. Do not treat a general estimate, a home price, or a statement about possible proceeds as the amount you will need to document.

For a HECM for Purchase, the required investment may come from cash on hand, proceeds from selling an existing property, or proceeds from selling personal assets such as retirement accounts and stocks. Write down the source of each dollar you expect to use and the record that may show where it came from. A lender will need to review the proposed funds rather than relying on a verbal description.

Your preparation list can include:

• the amount you expect to have available at closing;
• the account or transaction that will produce each portion;
• the expected timing of a property sale or asset sale;
• records showing ownership and movement of the funds; and
• questions about how the lender will document the monetary investment.

A HECM for Purchase may not use gap financing or interim financing, such as credit-card cash advances or seller financing, when the obligation cannot be satisfied at closing. Sellers may not provide concessions except to reduce the sales price. During the HECM for Purchase application, lenders will verify your sources of funds and conduct a credit check. Ask the lender to explain how the proposed funding plan will be reviewed before you rely on it in a purchase schedule.

The practical checkpoint is simple: do not compare sources only by the amount each source mentions. Compare how each source explains the required investment, the lower-of-sales-price-or-appraised-value calculation, the acceptable funds, and the documentation. If your planned funds depend on temporary borrowing or an informal seller arrangement, pause that part of the plan and ask the eligible lender how the FHA HECM rules apply.

If the purchase depends on selling another home or an asset, map the sequence before you rely on a closing date. Note when the existing property or asset may produce funds, when the funds can be transferred, and which records will document the transfer. Ask the lender whether the proposed sequence satisfies the closing requirement.

Check the buyer and new home against HECM requirements

HECM borrowers are generally age 62+, with provisions for eligible non-borrowing spouses under 62. Other reverse mortgage products may have different age and occupancy requirements from HECM.

A spouse under 62 may be considered a HECM Non-Borrowing Spouse. If the borrowing spouse dies or becomes ineligible, the HECM may become due and payable, and the Non-Borrowing Spouse may have to leave the home if the mortgage terms are not continued. Include the household’s marital and occupancy facts in the questions you take to the counselor and eligible lender; do not assume that a spouse’s age has no effect on the structure.

The planned home must also be examined as a property, not only as a price. For HECM loans, eligible property types include single-family and one-to-four-unit properties, plus manufactured homes built after June 1976. A HECM borrower must live in the property as a principal residence. Other reverse mortgage products may have different eligibility requirements from HECM.

You must keep the home in good condition and pay property taxes and homeowners or flood insurance premiums on time. Those are continuing homeowner responsibilities connected to the HECM structure. Add them to your comparison questions alongside the purchase funds and closing costs. A source that explains only how to obtain proceeds, without explaining occupancy, property condition, taxes, and insurance, has not yet given you a complete product explanation.

Use a buyer-and-home checkpoint before moving from general research to a transaction discussion:

• Confirm that each proposed HECM borrower is generally age 62+, identify any spouse under 62 who may be an eligible non-borrowing spouse, ask the counselor to explain the applicable rules, and have an eligible lender review those household facts.
• Confirm that the planned home will be the principal residence.
• Identify the property type and any manufactured-home details.
• List the people who will hold title or occupy the home, then ask how the lender will review those facts.
• Plan for property taxes, insurance, and home maintenance as continuing responsibilities.

A completed checklist organizes the questions. It does not replace the eligible lender’s determination.

Make appraisal and property condition part of the search

An FHA-insured HECM appraisal has two connected jobs: it verifies the property’s value and checks compliance with HUD property standards and acceptability criteria. The mortgagee obtains that appraisal. Ask each source when the appraisal will be ordered, which property records may be needed, and how the appraisal fits into the purchase schedule.

If the appraisal finds that the property does not comply with HUD’s criteria, the appraiser must identify necessary repairs and estimate the cost to cure. That finding can affect the transaction record, the timing, and the funds you need to document. Before relying on a property as a HECM for Purchase candidate, ask:

• What property features will be reviewed?
• How will required repairs be documented?
• Who will explain whether repairs must be completed before closing?
• How could an appraisal value different from the sales price affect the required investment?

Keep those questions separate from your broader property inspection questions. The HECM appraisal review and your general property inspection may serve different purposes.

A listed property type does not remove the need for the property to meet the applicable standards or for the lender to make the eligibility determination. Ask for the property-type review before you treat an address as a confirmed option.

Before you rely on a purchase offer, identify the property questions that could change the financing review. Ask whether the property type is listed as eligible, whether known repairs may affect HUD standards, whether the expected value could differ from the sales price, and which professional will explain the appraisal result. Keep copies of property descriptions, repair records, and written answers. A property that appears suitable from an advertisement still requires the appraisal and lender review.

Request a written cost-and-structure comparison

A written comparison should identify each cost instead of presenting one unexplained total. HUD counseling guidance lists potential HECM costs such as application and origination fees, upfront and monthly HECM mortgage insurance premiums, third-party closing costs, a property-tax-verification fee, and servicing costs. CFPB-described reverse-mortgage origination fees can be $6,000 or less and are paid to the lender. That $6,000 figure describes an origination-fee amount, not a quote for your HECM for Purchase transaction.

Ongoing reverse mortgage costs are added to the loan balance each month, and interest and fees may then be charged on amounts added in previous months. With a reverse mortgage, the loan balance grows over time as interest accrues and is added to the loan amount. Ask the lender to show how the proposed structure handles the initial costs, ongoing charges, interest, and any selected payment arrangement. The lender, not a general counselor or website, must provide the actual costs of the specific product.

HECM borrowers may live in their homes indefinitely as long as their property taxes and homeowners insurance are kept current. That statement does not remove the other continuing responsibilities: you must live in the property as your principal residence, keep it in good condition, and pay property taxes and homeowners or flood insurance premiums on time. Put those obligations beside the cost figures so the comparison covers both the loan balance and the responsibilities attached to the home.

Ask each source for the same written set of answers:

• Which fees are paid at closing, and which are added to the balance?
• Which charges are HECM mortgage insurance premiums?
• Which charges come from third parties rather than the lender?
• What servicing costs may apply?
• How will the loan balance change as interest and fees accrue?
• Which assumptions are used for the purchase price, appraised value, and required investment?
• Which costs could change after the initial disclosure?

A written answer gives you something concrete to compare. It does not replace the lender’s transaction-specific disclosures.

Build the comparison in columns rather than collecting separate brochures. Use one row for each fee, mortgage insurance charge, third-party cost, servicing charge, and continuing homeowner responsibility. Add a note showing whether the amount is paid at closing, added to the balance, or paid over time. Then record the assumption attached to the amount, such as the purchase price, appraised value, or selected payment arrangement. This format helps you ask about missing lines without treating an incomplete total as a complete offer.

Resolve seller-paid amounts and funding rules in writing

Seller-paid amounts in a HECM for Purchase transaction are rule- and transaction-specific. Some closing costs may be paid by the seller depending on your state’s laws, while FHA HECM rules restrict seller concessions except for reducing the sales price. Treat those statements as questions for the lender and closing professionals, not as permission to include a seller-paid amount in your purchase plan without written confirmation.

The six-percent figure is the cited limit for interested-party contributions under that FHA rule. Ask how any seller, real estate, builder, or developer contribution will be classified and documented in the sales contract and closing records.

FHA’s Title II HECM rules govern acceptable monetary investment funding sources for HECM for Purchase transactions. Mortgagee Letter 2024-06 updated acceptable funding sources for the monetary investment in HECM for Purchase transactions and applied to HECM case numbers assigned on or after April 29, 2024. Because transaction rules can change and the categories are not interchangeable, ask the lender to identify the rule and documentation that apply to your case.

Before you sign or rely on a purchase contract, keep a record of:

• every seller-paid or interested-party amount;
• the purpose assigned to each amount;
• how the amount appears in the sales contract or other binding document;
• how the lender will treat it when calculating adjusted value; and
• whether the proposed funds count toward or remain separate from your required monetary investment.

If the seller-paid explanation changes between the real estate discussion and the lender’s review, stop the comparison at that point and request one written explanation that addresses both the transaction and the FHA HECM rule.

Compare the purchase plan with other funding paths

Neither is ‘better.’ The relevant comparison depends on cash flow, income, the existing mortgage, age, long-term goals, and the desire to make monthly payments. A HECM adjustable interest rate may adjust every month or every year, depending on the selected period, and the lender must give at least 25 days’ notice before a changed rate is charged to the loan. Put that rate feature beside the payment requirements and total costs rather than reviewing any single feature by itself.

Use the same questions for each path:

• What payment must you make each month, and what could change that payment?
• What costs are charged at the beginning and over time?
• What happens to the balance as interest and fees accrue?
• Which borrower, income, credit, property, and occupancy facts matter?
• How does the product fit the planned purchase and principal residence?
• What happens if the property is sold, the household moves, or the borrowing arrangement changes?

A comparison becomes useful when it shows the conditions attached to each option.

Use safeguards before sharing documents or committing

A reverse mortgage lender should not require or pressure you to purchase an ancillary product with the reverse mortgage. Ask for the product name and whether it is part of the mortgage transaction or a separate offering. Keep the mortgage comparison focused on the HECM for Purchase, its costs, its required funds, and its continuing obligations.

Lenders should encourage applicants to include children or other financial advisors who want information about the reverse mortgage and may assist with decisions. You can invite the family members or advisors you want involved, give them the written questions, and ask the lender to explain the same product terms to everyone participating. Family participation can help you keep the purchase facts, funding plan, costs, and obligations visible to the people you have chosen to involve.

With most reverse mortgages, you have three business days after closing to cancel the deal for any reason without penalty by notifying the lender in writing. After you cancel within the rescission period, the lender has 20 days to return money you paid for financing the reverse mortgage loan. Ask the lender to explain the written notice procedure before closing, keep copies of communications, and record the date of closing and the date any notice is sent.

Ask for the source’s legal identity, the product name, the written costs, and the responsible lender or counselor, then take the record to an appropriate qualified contact for review.

Before sharing sensitive records, match the request to a specific step. Ask why the document is needed, who will receive it, and how it relates to the product or transaction review. Keep the written request, your response, and the version of the cost explanation in one file. Treat a claimed government affiliation or a logo resembling a government seal as a warning sign. A clear request should identify the product and the responsible professional.

Seek qualified evaluation when the record does not line up

A HECM for Purchase search needs qualified evaluation when the state, product, property, funding, costs, or seller-paid amounts remain unclear. Pause the next commitment when a source gives a general answer but does not address your proposed transaction. A counselor can explain basic requirements, but only an eligible lender can make an eligibility determination.

Use the branch that matches your record:

• State or product does not match: Ask whether the source serves the state and offers the FHA-insured HECM for Purchase. If not, do not treat the source as a match.
• Funding does not match: Show the lender the proposed source of each dollar. If the plan depends on gap financing, an interim obligation, or an undocumented seller arrangement, stop and ask how the HECM rules apply.
• Property or repairs remain unresolved: Ask how the appraisal will address HUD property standards, required repairs, and the estimated cost to cure. Do not rely on a general statement that the home is acceptable.
• Costs are not itemized: Request the fees, mortgage insurance premiums, third-party charges, servicing costs, and balance-growth explanation in writing. Do not compare an unexplained total with a detailed proposal.
• A warning sign appears: Preserve the message or document, stop sharing additional information, and seek a qualified review before continuing.

Bring a concise record to the next qualified conversation:

• the state and intended principal-residence address;
• the purchase price and any available appraisal information;
• the property type and known repair questions;
• the funds you plan to use and how you will document them;
• the counseling status and certificate information;
• the written cost and structure questions; and
• any seller-paid amount or unusual request.

A complete record lets the counselor explain the general requirements and gives the eligible lender the facts needed for a transaction-specific review.

When the record has several gaps, resolve them in this order:

1. Identify the exact product and the state where the home will be located.
2. Speak with a reverse mortgage housing counselor and complete the required counseling step.
3. Ask an eligible lender to review the borrower, property, funds, and purchase structure.
4. Request written costs, appraisal information, repair requirements, and seller-paid treatment.
5. Compare the complete record with the alternatives before signing or sharing additional documents.

This order keeps a marketing statement from deciding a transaction before the relevant facts have been reviewed.

Send the verification questions for a personal comparison

A sound HECM for Purchase search moves in order: identify the FHA-insured product, speak with a reverse mortgage housing counselor, find a source that serves the state and transaction, document the required investment, check the buyer and property, request the appraisal and repair explanation, compare written costs, resolve seller-paid amounts, and review safeguards before committing. If your record still has a gap, keep the gap visible instead of filling it with an assumption.

Prepare your questions in one message so the next discussion can focus on your situation. Include the state where you plan to buy, whether the home will be your principal residence, the property type, the purchase price, the expected source of your required funds, the counseling status, any appraisal or repair question, and the cost or seller-paid issue that needs an explanation.

What should you verify before choosing a HECM for Purchase source?

Where can you get a reverse mortgage for purchase in the United States?

Begin with a HUD-approved reverse mortgage housing counselor, then contact FHA-approved lenders or qualified mortgage professionals that specifically offer HECM for Purchase. Verify that the source serves the state where the new principal residence will be located and can review your borrower, property, funding, and purchase details. A general reverse-mortgage advertisement does not confirm availability for a particular transaction.

Can a seller pay closing costs for a HECM for Purchase?

Seller-paid amounts are rule- and transaction-specific. Ask the lender and closing professionals to confirm in writing how any seller-paid amount will be classified, documented, and treated in the transaction.

What happens if the appraisal is lower than the purchase price?

The required HECM for Purchase investment is based on the difference between the HECM principal limit and the lower of the sales price or appraised value. A lower appraisal can therefore affect the amount that must be documented at closing. Ask the lender to explain the calculation using the proposed purchase price and appraisal, rather than relying on a general proceeds estimate.

What funds cannot be used for the required purchase investment?

A HECM for Purchase cannot use gap financing or interim financing such as credit-card cash advances, seller financing, or another obligation that cannot be satisfied at closing. Acceptable funding may include cash on hand, proceeds from selling an existing property, or proceeds from selling personal assets, subject to lender verification and current program rules.

Who determines whether a HECM for Purchase transaction is eligible?

A reverse mortgage counselor can explain basic borrower, non-borrowing-spouse, and property requirements, but only an eligible lender can make the eligibility determination. Complete required counseling before the application is completed, then ask the lender to review the specific state, buyer, property, funds, and purchase structure.